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Huffington Calls For Big Bank Boycott

If you think we’re fed up with the big banks, you should see how angry big-time blogger Arianna Huffington has become.

We think you should take your money out of the big banks because they aren’t paying squat for your savings. (See yesterday’s post Big Banks Pay Nothing For Savings.)

Arianna HuffingtonHuffington wants you to close your accounts because their rapacious greed is destroying the country.

“Think of the message it will send to Wall Street — and to the White House,” she recently wrote on the Huffington Post. “That we have had enough of the high-flying, no-limits-casino banking culture that continues to dominate Wall Street and Capitol Hill. That we won’t wait on Washington to act, because we know that Washington has, in fact, been a part of the problem from the start.”

She calls out the same banks we have: JPMorgan Chase, Citibank, Bank of America and Wells Fargo (plus Goldman Sachs and Morgan Stanley). Click here to read the entire post Move Your Money: A New Year’s Resolution.

She also wants you to take your money to the same place we do — local banks.

Huffington is looking to reward the 8,000 community banks that didn’t cause last year’s financial crisis, have never needed a taxpayer bailout and continue to lend to small businesses.

We want you to reward yourself with a better return on your savings.

Take a look at our database of the best CD, money market and savings account rates to see how much more local banks are paying.

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Comments (10)
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10 Existing Comments
  1. Boy Cott said:
    on January 11th at 03:06 pm

    A run on the savings in banks will not send the right message. What is needed is a mortgage boycott month.

    Every bank is complicit in the scheme to scam Americans out of their life savings. Proof: If this were not true it would not be a case where a bank that is holding a note for a home that cost $200K in 2004 could not refinance it because they say it is now only comp’d to foreclosures at $100K. So you, Mr. Taxpayer not only paid way too much for it when we told you it was worth that, but now we will slap you down again by making you either go to foreclosure or be forced to short sell. In either case the bank is getting the write-off and bailout at the taxpayer expense.

    If a NATIONAL MORTGAGE BOYCOTT MONTH is planned and executed for MARCH 2010 where every mortgage holder stops auto-payments and withholds the mortgage for 30 days and waits until the next billing cycle it will send a clear message to banks that we are done with bending over while they post huge profits and are taking bonuses while their jump to push the panic button has left the country crippled. Let them wonder for a while just how many may decide to not make any future payments.

    Simultaneously the government needs a wakeup call by sending a letter explaining to reps that we don’t trust or want any money going to bail out banks. The simple remedy is to put the control in the hands of individuals not hand-picked insider special interests by 1. Allowing a one time pay down of mortgages from 401K/IRA without taxes or penalties. 2. Mandating in law that Short-Sales can not be reported by lenders as less than “paid as agreed”.

  2. Terrin said:
    on January 11th at 10:07 pm

    I think the taking money out of the three biggest banks is a good plan. First, they were the biggest offenders. Second, they have the most lobby power. Third, they offer the lowest interests rates on savings. I have an account at Chase. I am going to close my account this weekend.

  3. Mike M said:
    on January 13th at 12:20 pm

    I like the general idea….

    But the moveyourmoney.info website has terrible advice for implementing it. The vast majority of banks they suggest for me are Fifth Third branches. Fifth Third nearly went under because of bad mortgage loans and needed a federal bailout to recover. So if I move my money there and get 0.25% for “high yield” savings, how is this helping? I’m just supporting one of the problem banks.

  4. jg said:
    on January 13th at 04:37 pm

    I don’t keep money in big banks because of this. Schwab, Discover Bank and ING all pay much better (still crap – under 1.5%, but a lot better than .01%).

    Better still, you can get I-bonds at savingsbonds.gov that are paying 3.3% PLUS some tax benefits (no state tax on the interest, federal tax is deferred).

  5. REH12 said:
    on March 10th at 10:16 am

    Take a look at credit unions. they provide excellent services at fair fees. better yet they invest your money locally. ing, etc, ships it out of the area. all politics is local, so should all banking decisions gbe made with LOCAL in mind.

  6. Alina said:
    on May 28th at 03:30 am

    Thank you for your help!Thank you and My best regards! Thank you and Sorry for so many questions but i really need your help. As long as you make a point to find out what is included and what is not included, you will soon realize how much happier you will be once you can just pack your suitcases and arrive happily at your final destination.

  7. Norah Henrickson said:
    on September 21st at 01:22 am

    Usually I do not post on posts, but I would like to say that this site really forced me to do it! Thanks, very good post. Tips for Blogging for Money

  8. Schedule said:
    on October 29th at 09:05 pm

    You you could change the blog title Huffington Calls For Big Bank Boycott to something more suited for your content you write. I loved the the writing still.

  9. kirsten sogge said:
    on November 21st at 12:42 pm

    I withdrew my savings from Wells Fargo, took my money out of the stock market, well, 90% of it, and switched to a local Savings Bank last summer. If we all did this, what would happen?

  10. jack gordon said:
    on January 30th at 06:23 am

    Great plan . The stock are up 80% . IS YOUR 401K PLAN UP BY THE SAME AMOUNT . Do you still believe a banker ? Insider selling at all time high, yet they tell you to buy .Keep placing your money with crooks you will come to a point, that it will be lost in a glitch.