“The banks got bailed out; we got sold out,” marchers chanted as Occupy Wall Street-inspired protests swept across the country and the world.   At Wells Fargo, profits increased 24 percent this last quarter, Halliburton’s by 26 percent and Citigroup by a staggering 74 percent … galling figures compared with how the rest of us fared in the past three months.   Our largest banks, including Bank of America, plan to start charging customers as much as $5 a month for using — or even having — a debit card, a “convenience” that benefited banks by shrinking the expense of handling paper checks.   Big banks now sit on piles of cash, promising to help the economy, yet their lending hasn’t increased in years. According to Harper’s Index, of the $46 billion allocated by TARP to help homeowners refinance — remember the Troubled Assets Relief Program? — a mere 4.3 percent has been used for that purpose.

 

Glaring inconsistencies fuel Occupy protests: The rough handling of peaceful protesters compared with how gun-toting militants at public meetings were treated. More than 1,000 people have been jailed for protesting, as felonious financiers dodge prosecution for fraud, illegal foreclosures and theft by arcane machinations.   But delving into international bank chicanery and the labyrinthine complexity of Wall Street machinations promises major migraines.

On the brighter side …
Let’s jump to some good news:  We don’t have to unravel their Byzantine practices, take to the streets or simply muddle along. We can disempower big corporate banks and reclaim control of our money by moving it. Simply open a new savings and/or checking account in a credit union or local bank. Do it now and avoid the rush; a growing movement calls Nov. 5 “Move Your Money Day.”   Living in Boulder years ago, I joined the small, neighborly University of Colorado Credit Union for $5 and became an unabashed credit union fan. It offered free checking and far lower interest rates for loans and credit cards. A financially challenged single mom, I often turned to Tim, a loan officer who really had my interests at heart — because he worked for me, as a member. When things got tough, Tim cheerfully took the time to help me sort through my options and then custom-tailor a solution to whatever issue popped up. We were partners in the making-the-most-of-our-money game together. No stockholders to please, no corporate goals to meet.

A better way
Credit unions are nonprofit organizations that serve the interests of a specific group. For example, any Clallam County resident can join the 70-year-old Strait View Credit Union. A local nonprofit, it keeps your money in our community working for the local economy. Membership is $5. Find a credit union near you at www.findacreditunion.com.   Moving your money to a locally owned bank, like First Federal on the Olympic Peninsula, offers another way to keep your dollars working in your community. By offering affordable credit, they can help start-ups, assist businesses to expand or preserve jobs. Worried? See the Consumers Union tips for moving your money safely.

Protecting assets

Where you put your money matters. It’s always working, whether you know it or not, so why not put your money where your heart is, supporting people in your own community?

 

A state bank would take that idea a big step further. Rep. Bob Hasegawa, (D-Seattle), and Sen. Margarita Prentice (D-Renton), introduced legislation to establish a Washington state bank. It languished in committee.

 

Their model: the State Bank of North Dakota. Since 1919, it has contributed billions to the health of its economy. North Dakota has the country’s lowest unemployment rate as well as a state budget surplus.

 

North Dakota deposits all its funds in the state bank, assuring accountability and transparency. It delivers guaranteed financial services that promote the state’s agriculture, commerce and industry. It partners with private banks to create credit for cash-strapped farmers, schools and small businesses, earning interest at reasonable rates.

 

A state bank can protect us from the self-serving actions of the unelected members of the Federal Reserve. How much has their exploitation cost us? Nobody knows yet, but stay tuned for more startling revelations.

 

Let’s bank on us, not free-wheeling gazillionaires, to look after our community’s assets and interests.

 

Diana Somerville writes about creating more sustainable communities and our personal connection with the environment. A Clallam County resident, she’s a member of the National Association of Science Writers, the Society of Environmental Journalists and the American Society of Journalists and Authors. Reach her at www.DianaSomerville.com or e-mail columnist@sequimgazette.com.