In Protest of Big Banks, The “Move Your Money” Campaign Picks Up Steam
"Move Your Money" is a budding movement that has the capacity to cause a major power shift in the financial industry. It’s main purpose is to convince people to take their money out of the “too big to fail” banks and move it into the smaller, more community-oriented banks and credit unions.
A financial institution’s foundation relies on the core deposits (checking & savings accounts) of businesses and everyday people. What they want, in essence, is a run on big banks. A bank run occurs when a large number of people withdraw their deposits. When this happens the likelihood of default increases, which then encourages even more withdrawals. This can put a bank in dire circumstances and in extreme cases, bankruptcy.