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SquirrelEStuff's avatar

Do you think moveyourmoney.info will be able to bring down the big banks?

Asked by SquirrelEStuff (9189points) January 5th, 2010

I have already closed down my TD Bank account and joined a credit union.
Have you heard of this site and do you think it will be stop the big banks?

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10 Answers

Sebulba's avatar

@chris6137 havent heard anything about it. are you sure it doesn’t belong to the same big banks you try to avoid?

jrpowell's avatar

I don’t take any ”.info” sites seriously. And the “PaulBot” thing makes it hard to take this seriously.

poisonedantidote's avatar

i agree with @johnpowell ’’.info’’ domains are cheap alternatives to ’’.com’’ moveyourmoney.com would probably cost you around $10.000 to a million or more to buy if already owned by someone. i would expect any reputable banking/finance site to be able to get their hands on a ’’.com’’ with ease. and if they cant get their desired .com name, then to at least consider changing their name to a .com that is available.

i work exclusively online, and me and my 2 man team never have a problem getting .com domains for our small little businesses. i would keep my eye on them if i was you. (specially when a domain WHOIS search reveals that they registered anonymously, chances are they dont even have an office block and its all being run from 1 guys house)

EDIT:

i just visited their site. SCAM!!! SCAM!!! SCAM!!! they have a youtube video on their main page, they cant even afford hosting. avoid this site.

NerdRageIT's avatar

@poisonedantidote I think the Huffington Post has enough cash to buy the .com domain.
They are informing the public about this issue and hence used the .info ending.

The site has been a huge success so far.

You should check it out http://www.huffingtonpost.com/arianna-huffington/move-your-money-a-new-yea_b_406022.html

and I bet they have more than a few people working for them ;)

kevbo's avatar

I don’t think anything so innocuous will “bring down” any big bank, but I think providing a clearinghouse for alternatives is valuable. I wonder, though, why there even needs a to be a Web site for this purpose. It’s not like credit unions and other banks are difficult to find. People who think they only have four or five banking choices or who think they have to choose one of these abusive banks are just plain ignorant of their options.

poisonedantidote's avatar

@NerdRageIT well, huffingtonpost sounds like a news site to me, in this case .info would be fine. same as .org would be ok for a charity. but this moveyourmoney site just screams scam to me. i could have something like that put together within a couple of hours. and i would expect any amateur site developer to be able to do the same.

jaytkay's avatar

A little Googling reveals the site was created by Arianna Huffington and Chris Whalen. The site is not a scam, they aren’t directly selling anything and the search tool leads to legit banks.

The site promotes moving your money from large banks to small banks and credit unions. Since large banks so spectacularly harmed the economy in the past decade, that’s a laudable sentiment.

The site search tool brought up a large number of banks in my area. It appears to be doing as promised – showing independent locally owned banks without promoting one over others.

It tangentially promotes Institutional Risk Analytics , which is selling an alternative financial ratings system. Seeing how ‘traditional’ ratings companies ignored the obvious housing and credit bubble, that is potentially valuable.

MoveYourMoney isn’t going to topple the big banks. But at least they might help out some of the small ones and that I can get behind.

kevbo's avatar

^^^free market, bitches—haha!

Actually, having just watched “The Corporation” again on TV, I’m reminded that any corporation, acting as it naturally would, will consume everything in it’s path in the name of profit and will also respond to consumer demands for change until consumer demands subside. As long as we’re willing to sit on their lawns, we can get what we want.

wonderingwhy's avatar

haven’t heard of it, but short of a sea change in international capitalism nothing is going to bring down the current banking system in the near future, remember the phrase “too big to fail”?

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