Break free from the big banks

As a college student you might shy away from the dreaded news reports on the bank bailouts.

"I'm just a young college kid with a tiny amount of money," could be the thought that crosses your mind when newscasters report on the grim financial situation.

But your money matters, too. At least we think it does. So does Arianna Huffington, who is the founder of The Huffington Post and co-founder of the Move Your Money campaign.

After constantly reporting, writing and speaking on the bailouts that big banks received in 2009, Huffington reached her breaking point around the Christmas holiday.

Along with writer Rob Johnson, political strategist Alexis McGill, filmmaker and author Eugene Jarecki, and Nick Penniman of the HuffPost Investigative Fund, Huffington created the Move Your Money campaign in an attempt to convince millions of Americans to take their money — regardless of the amount — out of big banks and put it into small, local banks.

If you are really behind on the bank bailout situation let us get you up to speed.

The big banks, such as Bank of America, JP Morgan/Chase, Wells Fargo and Citibank, were deemed "too big to fail" and received billions of dollars in taxpayer money to save them from bankruptcy in the wake of the financial crisis.

With the national deficit at over a trillion dollars, what really has Americans outraged are the decisions made by the financial institutions since they received this money.

Instead of loaning money to struggling businesses that have been laying off staff and raising the unemployment percentage, these banks paid their top executives large bonuses and cut lending to businesses by $100 billion while also reporting huge profits. In the meantime, the smaller local banks have been struggling to keep their doors open with many failing and having to close.

The Move Your Money campaign is urging you to move your money to a community bank or credit union. The benefits of doing so include less risk that you will lose your money in a future financial debacle, usually less fees than big banks and a chance to make a difference.

The team of journalists has created a video explaining the heart-wrenching tail of big banks bullying the American people. They have also created a website to help you further research their case and join the pledge to move your money. Bill Maher even uploaded a video supporting the cause.

Choosing a local bank or credit union helps boost business and creates a need for jobs in your own city.

Plus, you get the chance to get to know your banker opposed to sitting on hold for 30 minutes while your call is transferred out of the United States.

You also get to be part of a movement that Huffington hopes will send a message to big banks that spending tax dollars on expensive bonuses is not acceptable.

We support the idea behind Move Your Money. It is tiresome learning about each new scandal revolving around a top executive spending billions on bonuses instead of helping the people who are essentially paying those bonuses — the taxpayers.

Plus, we have seen how helpful community banks and credit unions can be in our town.

The CFE Federal Credit Union was founded in 1937 with 23 Orange County teachers as its first members.

The credit union started with savings accounts and small loans, and has grown tremendously to include 16 locations to serve the Orlando community.

With more members, our other local banks and credit unions could stop struggling and see success. Moving your money could nurture better business, create more jobs in your city and provide a sense of security on your investment - regardless of the size.

As you, the students, begin to start a life of your own, and chose a destination for your own hard-earned money, remember that choosing a smaller bank and being smart about where you deposit your earnings. They can make a bigger difference than just where you put your first paycheck.