The Move Your Money campaign was a revelation for the 99%, showing us what we could do when we picked a target and joined forces to take action. Hundreds of thousands (700,000+) of new credit union and local bank accounts were opened over the last couple months.
The mega-banks poo-poo'd this action, while they begged and bribed those closing their accounts to keep their cash in their too-big-to-fail coffers. But you didn't listen. The campaign went viral, and the banks backed off some of their new fees. Now, some cities (thank you dear Seattle) are doing the same!
Victory! Game Over? Not on your life! We can't stop there!
The other day, I hastily threw out an idea of paying for purchases with cash instead of credit cards. Retailers are charged upwards of 2% of every credit card transation when you swipe and sign the slip for a credit card charge. And that 2% is either taken out of the business or passed on to you via higher base prices. You are paying for the convenience of not having to pay in cash. That's 2%. Of every transaction!
That 2% would be better spent by the real job creators, your local small businesses. Keep it in your community, helping your neighbors, just like the great business practices of credit unions that reinvest your money locally. Your struggling local coffee shop or restaurant could use 2% more to keep the doors open. The arts venue you patronize could use that 2% to educate and enliven. Your local retailer can bring you products no big box store could ever deliver, and 2% more could be the difference that helps them expand or hire. The local farmer brings you deliciousness that well.... nom nom nom!
This struck a chord on DailyKos. This type of campaign, cash not credit cards, is even easier to participate in than moving your money to a credit union. And it could have an even more direct and more tangible effect on the banks. Perhaps best of all, it could give an immediate boost in your community by keeping your money with the local retailer. In the comments, a discussion ensued, and OurMissEwenice suggested another campaign.
Change Black Friday into Greenback Friday. Support your Local Businesses, and Pay with Cash on November 25th
I don't want to steal her thunder, because she wrote a passionate diary about this yesterday. However, with all the Occupy news, it never got the traction here we had hoped.
So here is your mission, should you choose to accept it. On Friday, November 25th:
- Make sure to withdraw ample cash for your holiday shopping
- Pay cash at your local establishments when shopping
- Pay cash when you grab that latte or lunch
- Pay cash when you go to the salon or movie or other service
- Tell your friends and family to do the same
- Rinse and repeat throughout the holidays
Our goal? We want to impact the non-stop holiday shopping business news through a show of force. We want to send an immediate 2% stimulus package to our cities and towns. And we want the non-stop coverage of Black Friday holiday shopping to be dominated by headlines such as "Consumers Shun Credit Cards on Black Friday", "Greenback Friday Campaign Boosts Retailers' Bottom Line".
Yes, there are arguments that we should not shop at all on Black Friday, but for many, that is simply not realistic. And there are arguments for using credit cards and against spending and carrying cash.
- Carrying cash isn't safe.
- Credit cards earn me miles and points.
- I can't withdraw enough cash from the ATM.
- I don't want to slow down the line at the checkout
- My credit card provides itemization of my spending by categories.
- I prefer to send 2% more in fees to large, monolithic financial institutions that were complicit in the destruction of our economy.
For a discussion of these and strategies for addressing them, see the original diary.
Ultimately, what it comes down to you. You need to come up with a strategy that works for you and reflects your priorities. If enough of us join together as the 99%, we could really change the narrative this shopping season.
Put your money where your mouth is this Black Friday. Keep it local. Pocket that plastic. Change Black Friday into Greenback Friday, and keep that 2% in your community.