Move your Money…To Women
Posted January 14th, 2010 by Amy Crosscross-posted to womenmakenews.com
The Huffington Post’s Move Your Money Campaign is urging people to leave Citibank, BofA, and the like. Why? Because, the BIG Banks got BIG TARP money from the government and are about to pay out BIG bonuses. With squat for the little people—too many of whom are out of jobs, insurance and unemployment checks.
Huffington advocates moving your accounts to community-based banks or credit unions, which she argues are more likely to invest and help local businesses. The appeal has been answered–over a thousand people have signed the pledge to switch.
But why not go one better, and move your money into a woman’s bank?
The Big Banks of the Bailout certainly don’t have many women partners who will benefit from the Post-Tarp largesse. They certainly don’t make a point of supporting women- and minority-owned businesses as these institutions below do.
Of course, there aren’t many woman-owned financial institutions—less than a half dozen. And wouldn’t you know, two are in Minnesota–which is always the progressively cool state.
If you’re lucky enough to live in the following cities, you can switch now to these woman-led banks.
St. Paul, MN Bank Cheroke https://www.bankcherokee.com
Hopkins, MN Citizen’s Independent Bank http://www.bankcib.com/
Robbinsdale, MN
St. Louis Park, MN
Plymouth, MN
Milwaukee, WI Legacy Bancorp https://www.legacybancorp.com
Los Angeles, CA Promerica Bank www.promericabank.com
If you’d really not entrust more money to white men, the government keeps a database of minority-owned institutions—meaning women and African-American, Hispanic, etc. If you have the patience, you can scroll through this small list and find an institution near you:
http://www.occ.treas.gov/minority.htm
However, that list needs updating: The Adams bank, once the largest minority-owned bank got bought this fall and is no longer women-owned.
But, there is also a woman’s bank in Iraq, although it’s probably not covered by FDIC. So up to you.
Help me crowdsource a bigger list: If you know of any others, please list in the comments below.
2 Comments
“Moveyourmoney”
Like the Idea to choose my bank by moving my money away from the greedy bankers, to loan friendly community banks.
Like to know more about these banks in north metro area?
Are there any in the 55449 zip code?
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January 20, 2010 at 3:39 pm by Kay (Nault) McMurrayI would like to say my son works for Citigroup in the mortgage refinancing devision. The pratices Citi is using, as well as all the other larger banks, to get people to renew or refinanc their loans, are atrocious! And to top it all off, these banks took the money from the government, knowing full well, the gov. would have a say so in the big bonuses given at the end of the yr. So what do they all do..they pay back the money they HAVE to, to keep the gov. from having any say in who gets what kind of bonus! This was a scam from the get go..Citi and all the banks, I believe, had the money, decided if they kept theirs and let it draw tons of interest, then in mid Dec. they could pay back the gov., and still have the say so, and ability to pay the large bonuses! This is corporate America…and this is the way they have learned to screw the employees, and still make money, and be able to give the CEOS the big bouses…for nothing!! Where did Citi get the $20 million they had to pay back, all of a sudden in mid Dec. so they could pay the gov., and also still give the big bonuses to their big shots???
The deal they made with my son, when he went to work there, was he got commission on every refinance loan that got closed in a certain amount of time. This time frame depends on someone else down the line, doing their jobs, on time, so as to get the loans closed. They have set on loans for months, till the documents required from homeowner expire, and then the rates quoted, go up, and the money they have to bring to closing go up…even though the length of time it took, was Citi’s fault, not the custome. Mind you, these customers have already paid a non refundable price of $500.00 to get the refinancing going. If my son does not get 10 loans closed a month, he gets none of the commission from the loans that do close..yet the people in charge are only closing 8-9 a month, cutting him out of his commission altogether! Citi is keeping all the funds they charge the customers to start the refinancing process, and also keeping the commission supposed to be paid to the employees..so Citi is making out like a bandit, while the worker bees are screwed..just as their customers are…
I have lost almost al faithin our banking instutions, as they ahve become as corupt as our government. GOD HELP US ALL.
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