Despite my obvious conservative leanings, I support the idea of moving your money out of the big banks. My reasons for supporting this has more to do with the fact that Americans need to support their local businesses now more than ever. The ‘too big to fail’ idea has taken this country down a slippery slope.
A non-profit campaign called Move Your Money makes it extremely easy to find a local bank or credit union to put those hard-earned dollars. Funny enough, by moving your money you will not only be sending a message to the big banks and those in government who support them, but you will actually incur less fees and get better customer service, according to JD Power and Associates. Who knew that being a capitalist could stick it to the big companies?
But the kicker for me is this: smaller banks lend to small business far more than big banks do. Small businesses are the main engine of job growth, “accounting for 65% of new jobs,” according to Move Your Money Project. Want to support banks who lend to businesses? Go local and small.
