I've run up on an issue in the Move Your Money campaign that I think needs addressing. I don't know the answer, and I'm looking to you for suggestions.
Several years ago I opened a business checking account at a small local bank, and at the same time applied for a credit card through them. Unlike my personal checking and credit card accounts at Bank of America, these accounts were not maintained by the same entities. The credit card was actually the product of some other company and essentially just had the bank's name on it. If I logged on to my bank account online, the credit card account information would not be there; only the checking account data would be on the bank's online page.
Several weeks ago I opened a personal checking account at a local credit union, and began the process of moving my banking away from Bank of America. While I was there I asked about their credit card, and I asked if the checking account and credit card account information would both be shown on the online site; it wouldn't. The credit card was, like with the local bank, run by a different company.
So, when I returned home and was thinking about the credit card issue, I suddenly remembered Working Assets. Working Assets is also known as Credo Mobile, the progressive mobile phone alternative to AT&T and Verizon that makes contributions to progressive organizations and rallies its members to petition government on important progressive issues. I would imagine many of you are familiar with Credo Mobile, and are on their mailing lists, signing their petitions, or even using their mobile phone services.
So, since the credit card at the credit union was going to be run by a separate company anyway (I should note here that I neglected to ask what company), I decided to go with a Working Assets credit card. As noted on the Working Assets web site, a percentage of the fees collected from vendors would go to progressive causes that I support, so it sounded like a win.
As I filled out the online application, there was one rather odd question; do you have an account at Bank of America? Well, my account was still open (I'm waiting to insure that my next health insurance draft goes to the new credit union account before I close it; I had read where others had experienced a problem with that), so I checked yes, finished the application, and submitted it.
The next day I received a phone call asking for additional information to complete my application (I don't have much income, so they wanted to insure that I could actually pay my bills). The person on the phone knew about my Bank of America credit card; so I asked her, who do you work for? Bank of America. The Working Assets credit card is a Bank of America credit card. And sure enough I logged on to my Bank of America account and there was my new Bank of America Working Assets credit card.
(Sigh)
In thinking about this further, I recalled seeing environmental organizations offer credit cards as a way of raising revenue; and now I'm wondering what companies actually run those cards.
So it seems to me that perhaps an important part of the Move Your Money campaign is to ask those organizations that we support by using their credit cards to move those cards away from Bank of America and the other big banks. But to whom? I don't know who the players are. Are there good companies that run credit card processing? Or are they all big banks?
Many here on Daily Kos have recommended getting credit cards through their credit union or local bank when moving their checking accounts away from the big banks. Who runs those credit cards?
And further; if it is a better choice to have a credit card through your local bank or credit union, then should not Credo Mobile/Working Assets also move its credit card processing away from Bank of America as well?
Credo Mobile has positioned itself as a champion of progressive causes. I'm wondering if it's association with Bank of America muddies that claim.
Many here on Daily Kos have advocated that we challenge our local municipalities to Move Their Money to local banks. Shouldn't we also challenge those organizations that we support that offer credit cards to move those cards as well?
I should also note that, following the suggestions of some here on Daily Kos, I have opened a Dwolla account. Dwolla may be a solution to credit cards in the not too distant future, eliminating the fees that vendors have to pay on each swipe of a credit or debit card, transferring your money directly from your checking account to the vendor. But for now, for many of us, credit and debit cards are still deeply embedded in our economy. And I think this question regarding Credo Mobile, which otherwise appears to be an organization worthy of our support, is worthy of discussion within the greater context of the Move Your Money campaign and our efforts to fight back against Wall Street.
Thanks for any comments and suggestions that help shed light on this issue.
And enjoy your day!