Big Bank Bashing Goes Viral with a Cause

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…

 
 

Jan. 13, 2010


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Comments

 
 
 
  • I must say that before I saw this ad on the Colbert Report I was about to open a new account at a large bank, however, this ad made me think and I am now going with a credit union instead. We need to support our american small businesses.
    Josh
     
     
     
  • This morning I was looking for a particular posting regarding “Move Your Money,” the campaign proposed by the Huffington Post as THE way to stick it to the big banks. I found this comment: “I'm so pleased to see that Huffington Post has removed the Bank of America ads from their site. I found it rather disconcerting to see two B of A ads on the same page as the "Move Your Money" story.”

    Curious, I looked around the site. I saw a B of A ad on HuffPost Politics but do not see one on any page now. Maybe it’s on a rotating basis; maybe it’s gone.

    I applaud the Huffington Post for calling it like it sees it and for suggesting a way for readers to, at the very least, feel empowered to do something. And I am very much in favor of separating editorial content and advertising dollars (I cannot stress this enough). But actively encouraging readers to break off their relationships with “too big to fail” banks while continuing a relationship (albeit, a different sort of relationship) with one of those banks feels to me like mixed messaging.

    Rebecca Wessler