It’s Time to Move Our Money

board_community_bankLet’s be honest. Most of us have what money we have in some big bank because of a) convenience or b) our little bank got eaten up by a big bank and we just didn’t have the time or energy to find some place new.

Last year I went through several hoops to get my accounts out of Bank of America only to find that, 2 months after I switched, my new bank had been taken over by Wells Fargo. Argh!

But now, I’m going to try for it again. I want to try to move most of my accounts to Self-help Credit Union in North Carolina and keep a small checking account here in DC with Lafayette Federal Credit Union that serves D.C. residents.

It’s time for Americans to reinvest in community banks. This movement has been building for a number of years. Churches in particular have made community economics a priority.

Ched Myers and the folks at the Sabbath Economics Cooperative have been educating on community investing as a faith act for 25 years. Now, what was once only practiced by a few is graduating into a mainstream movement of the many.

Eric Stoner over at Waging Nonviolence has a nice post on the movement to get Americans to shift their money out of big banks into community banks and credit unions. There’s also a great little video (below) out promoting the Move Your Money campaign.

Sojourners’ Jim Wallis also just put out a book called Rediscovering Values on what the Bible teaches us about our current economic debacle and had a good piece in the Washington Post called A Religious Response to the Financial Crisis.

Wallis says, “The market’s first commandment, “There is never enough,” must be replaced by the dictums of God’s economy — namely, there is enough, if we share it. … Already, pastors, lay leaders and innovative faith-based practitioners are suggesting creative answers: mutual aid; congregational and community credit unions; and new cooperative strategies for solving such problems as hunger, homelessness and joblessness. If these initiatives succeed, the economic crisis may offer congregations a rare opportunity to clarify their missions and reconnect with their communities. ”

Tell me your stories on where you store the green stuff and what it helps to grow!

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