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A Call to Action: Take Back Our Money

Enough is enough.  Are you tired of hearing about these Wall Street executives getting bonuses when their companies posted losses while front line workers lose their jobs?  Are you angry about companies like AIG and Goldman Sachs, who have received billions of dollars in taxpayer money, refusing to tell us how they are using the money?  I know I am, particularly when I heard a news report this morning on ABC’s “Goodmorning America” that Goldman Sachs could be funding executive bonuses with taxpayer money.  We are not powerless in this situation.  There is something we can do about this.

Wall Street and Treasury Department need to be taught a lesson.  They want to continue to operate at status quo: executive bonuses for poor performance and no oversight of financial institutions.  We need to give them a taste of “free markets”.

Banks and other financial institutions need depositors and investors to function.  They use that money to make loans, create other investment schemes and give big bonuses to incompetent executives.  We are the ones that provide the money in the form of checking accounts, savings accounts, IRAs, 401Ks, mutual funds and now with our tax dollars.  If they want to continue to ignore us and operate like this Wall Street bailout never happened then they must suffer the consequences.

Our money is powerful; particularly when used in a collective effort.  Starting today, December 18, 2008, to January 18, 2009, let’s start closing our accounts at the financial institutions who have received taxpayer (TARP) money including AIG.  Here is the list of financial institutions that have received taxpayer money (click here) and don’t forget AIG (the insurance giant).

Our local credit unions should be a very good alternative to these financial institutions (I don’t encourage mattress stuffing).  Here is a link to a Credit Union Locator.  Credit unions offer the same deposit accounts offered by banks and they have deposit insurance.  Credit unions are owned by depositors and governed by volunteer board of directors.  Most credit unions even offer mutual funds, asset management, insurance and other investment accounts.

Moving a savings account from a bailout recipient to a local credit union is relatively easy.  If you are not sure call or visit your local credit union.  I know closing a checking account can be a hassle but I offer these steps:

1. Open the new checking account at the credit union;
2. Make a list of all direct deposits and automatic payments – pay attention to timing of deposits/payments;
3. Contact all parties that deposit or withdrawal from account to determine the process for making the switch;
4. Close your old account at the bailout recipient and transfer funds to the credit union;
5. Switch your direct deposits and automatic payments by sending the relevant forms or notifications to the relevant parties.

Closing a mutual fund account or other type of investment account, or switching insurance is a little more involved and I strongly suggest speaking to a credit union representative before doing so but it will be well worth the effort.

It is time we take back our money.  Let us all make the switch to our local credit unions and send a message to the bailout recipients that they are not going to use us, dismiss us or mishandle our money every again.  Say good-bye to the bailout recipients and make the change with me.

Spread the word about Take Back Our Money Month.