Dis-invest-a-lujah!
Ever wonder what it feels like to be really honest?
We've been taking murdered mountain top mud into Chase banks all over the country for the last few weeks, now we take the murdered mountain mud into the minds of the people deep inside those banks -- WITNESS the disinvestment in this brand new video from the Mountain Loving Faithful at the Church of Stop Shopping.
These Chase employees are clearly troubled by the news that their "conscious" and "sustainablity minded" company blows up mountains to pay their salary. We imagine there are many more like them inside Chase.
We invite you to disinvest with us, share your story, take pictures, make a video, and remember to tell Chase WHY you are leaving.
Lets Stop MountainTop Removal!
Dis-investing Resources:
- Close your Chase account and earn your badge at MOUNTAINS RULE.
- Move Your Money's FIND A BANK/CREDIT UNION tool.
We are all sinners, children....
We know that we must disinvest from JP Morgan Chase, but where do we go? Well, we're throwing the question to our congregation! Which local banks do you recommend? What have your experiences been closing your accounts with big banks like Chase? The conversation continues right here on our forums! AMEN!
Sister Dahlia has begun with this info from a banking friend:
> 1. Please please please think twice about listing New York Community Bank (or its subsidiaries: Queens County Savings Bank, Roosevelt Savings Bank, Richmond County Savings Bank, and Roslyn Savings Bank). Although it has the word "community" in its name, it is *notorious* in the affordable housing world for predatory lending on multifamily housing and, more importantly, to be the least responsive than all other banks to working with building owners to rectify abysmal housing conditions for tenants. (Ironically, one of the most responsive banks on the overleveraged multfamily housing issue is actually Chase, which has a pretty robust Community Development division in NYC.)
> 2. Please think about listing Shorebank (http://www.shorebankcorp.com/bins/site/templates/splash.asp). Although they're based in Illinois, and therefore are only good for savings accounts & CDs, their whole thing is mission-driven investing. One of the few (only?) banks that explicitly do that.
-----
Brennan Cavanaugh:
FOR THOSE WITH RESIDENCES OR BUSINESSES IN THE EAST VILLAGE OR HARLEM
The Lower East Side People's Credit Union
Two branches:
Ave. B and 3rd St.
ACPJr. Blvd (7th Ave) and 123 St.
Been in business for almost 25 years, keeping $ in the community
checking/savings/money market/business accounts
https://lespeoples.org/
-----
Sister Dahlia:
Still undecided . . . but enjoying this process! Here's some more for y'all:
I've emailed Brooklyn credit union to find out if they do syndicated lending, which means their funds go through big banks like Chase anyway. The financial and annual reports on their website wouldn't open for me.
More info from my friend:
Here's a local one that looks like they do most of their own lending
(ie, don't just do syndicate lending with the big banks). I know them
from the affordable housing world, and looks like that's basically their
bread and butter, with minimal syndicate lending.
-----
Sylver Pondolfino:
anewwayforward.org has tips on how to close your account and links to credit unions and community banks. it's an organizing web site promoting the break-up of the big banks. but with the syndication issue, it looks like it'll take a bit of research on each bank to feel safe.
The Lower East Side People's Credit Union
MOVE YOUR MONEY
Here's the link: http://moveyourmoney.info/find-a-bank
Chase and Bank of America
now have to close my checking acct. with bank of america. they bought out a smaller bank i patronized. harder job this time since i have direct deposits and withdrawals established at b of a.
i will avoid those in the future, esp. if i move the checking acct. to the small local bank i moved my chase account to. i'm afraid in this economy it may be bought out, too.
should have gone to a credit union when i left chase.
Community Development Credit Unions in New York City and more
Dig a little on the sites below and you will have a good chance of finding a bank or a credit union whose main mission is to serve low-income and underserved communities, not to just maximize profit.
The website for the National Federation of Community Development Credit Unions that includes the 10 credit unions in the previous paragraph is www.natfed.org . If you live outside NYC you might be able to find a CDCU near you. Ask some questions to see if any credit union has the services you need before you join. These CDCUs really need deposits so if one does work for you, your money is really needed and will have significan positive impact. Santa Cruz Community Credit Union mentioned in another post is also a CDCU.
And for banks, look for a CDFI (Community Development Financial Institution) bank. The Treasury Dept. certifies that a CDFI bank works predominantly in low income areas. A list that includes CDFI banks across the nation can be found using this link. http://www.cdfifund.gov/docs/certification/cdfi/CDFIbyOrgType.pdf
Shorebank, Shorebank Pacific and Community Bank of the Bay who have been mentioned in other posts are all CDFI banks and do great work.
The Treasury Dept. also certifies credit unions. Many CDCUs (but not all) mentioned above are also certified CDFI credit unions.
Socially Responsible Banks
For 2 years I have banked with Community Bank of the Bay in Oakland, CA. Ever since the day Chase bought out WaMu, when I went in and closed my accounts (I knew that JPMorgan Chase was a nogooder..) Anyway, I am very happy with Community Bank of the Bay. They are FDIC insured and support local green businesses through their Bay Area Green Fund.
www.communitybankbay.com/index.html
Lastly, isn't it funny that a bank with a reputation for predatory lending is called "Chase"?
I'm quitting them!
And thanks to the Rev for bringing the mountaintop issue to me. I didn't like Chase before then, but this sort of pushed me over the edge.
Chase Bank.
Chase bank has sent me several offers to open a credit card with them as of late. I have saved the return postage paid envelopes and instead of a credit app. I have returned a letter about how disgusted I am with them as mountain top serial killers and they will never have a dime of mine.
Ellen Scott Grable
Great info! I'm closing my
Credit Union or Community Bank in Jersey City?
Going Local in Kentucky
Praise for Credit Unions from Facebook:
America Conley: I worked for a credit union, and can't believe anyone still uses banks. Even the term credit union, a non-profit financial institution, should give it away. My credit union's board members are all volunteers- unlike the overpaid CEOs of the big banks.
Laura Bucaro: We bank at a local credit union also. We just went to them to refi our house. They are great. They listen to what you want and don't overloan more than you can afford. And they get paid enough to stay in business. That's all. They also offer fixed rate credit cards with very modest limits so you can't overspend. No gimmicks or lies. The money stays local and they give back to the community.
Matthew Bessell says: Credit union allujiah!
Jennifer Lynch says: Farmers and Merchants Bank in Long Beach, CA. Family owned since 1907. Highest reserve-to-deposit ratio in the U.S. www.fmb.com
Jennifer Waggoner: I've been lazy since my back was merged with someone horrible. This might finally inspire me to change it.
Kaci Bee says: Credit Unions!!!
Anne Laurie: credit unions are the way to go -- free of 'Directors' and 'Presidents'.
Rhonda Callison: Ditto...credit union for 21 years now and never had a problem. However my credit card is with a bank but i pay it in full so they never get a dime !!! L O L
credit unions/co-ops
Also, the co-operative model can lead to communites owning several properties outright. No Chase bank profits. Community stability.
Lastly, I think that we need to educate ourselves and others about the politics of our money. Many people are activists who have mortgages and credit cards with Chase. We need help figuring out how to switch banks. Many of us have great credit but wouldn't qualify for new mortgages. How can we switch banks? Could a progressive bank target Chase mortgage customers and help us refinance with them? help!
In Southern California
From Facebook:
Diane Lizbeth Johnson says: I use a local credit union in Oregon, and the interest rate on CC stays fixed @ 9.9% and my money stays local. Very happy with the arrangement and service.
For California
Amalgamated
Amalgamated -- America's Labor Bank
Amalgamated Bank of New York once opened its vault on a Saturday in order to provide $300,000 in bail for pickets arrested the night before. The National Association for the Advancement of Colored People received $800,000 to post a cash bond within 24 hours. In 1973, bank officials worked all weekend to come up with bail checks so that striking Philadelphia teachers could stay out of jail.
Out of debt with Chase!
As far as banks go, I strongly recommend Amalgamated Bank. They look like a big-box but are actually very community based. Started by UNITE HERE and other Unions in the 20's. Good stuff all around.