Consumers in the USA have watched the same big banks who nickle and dime consumers get bailed out by the government and then proceed to hand over insanely large bonuses to their top management. Between the “Occupy” protestors camping out in cities around the country and the vocal campaign to switch accounts from big banks to small credit unions, consumers in the USA are saying enough is enough.
But its not just Americans who are mad at their banks. A recent £1m bonus granted to an executive at RBS bank in the UK sparked outrage which led him to announce today that he was waiving the bonus. But its too little too late. Tomorrow Move Your Money UK will launch with a familiar message:
“…we, as individuals, can help to build a better banking system. We aim to provide people with the information and confidence they need to make informed decisions regarding the types of financial institutions they want to support.
Though most people in the UK currently bank with the “Big 5”… we aren’t reliant on them. There is a flourishing group of financial providers that offer a safe and credible alternative…They have ownership structures and business strategies that are more geared towards benefiting people, communities and the environment.
…Banks rely on the deposits of ordinary savers. So when you choose where you keep your money, you are choosing between supporting business as usual or taking a simple but powerful step towards a better banking system and a better future. By moving your money you can directly support an ethical and socially useful bank, and send a message about the sort of society and economy you want to see. And one you’d rather not.”
No matter where in the world you are, you need to make sure to take the appropriate steps necessary to protect yourself from unnecessary fees and charges that can be assessed when you change banks. Make sure to check out CU’s video and tips explaining how to safely move your money.