The Move Your Money microsite and corresponding YouTube video urge consumers to “vote with their money” to take action against big bank bailouts and outrageous pay of high-ranking executives.
A few weeks ago the Huffington Post’s Arianna Huffington ran an article about a movement supposedly started over a Christmas Dinner conversation entitled Move Your Money. The microsite and corresponding YouTube video (below) urge consumers to “vote with their money” and take action against big bank bailouts and the subsequent compensation of high-ranking executives. How? By moving their money to local institutions, of course!
What originally started as a plea to move money away from big banks to community banks, quickly turned into a public outcry for the inclusion of credit unions in the discussion. The article now includes an update about the credit union industry and the messaging on the video was changed from “community banks” to “local institutions”. Unfortunately, credit unions’ inclusion stops there. The database on the microsite that allows visitors to search for “local institutions” is based on IRA Bank Ratings which does not include credit unions.
Whether or not you think the movement is just a big marketing ploy for community banks, you have to admire Move Your Money's excellent It’s a Wonderful Life spoof, empowerment of people with information and a way to act on it. Reminds me of another movement that just got a nice facelift…