Bank Transfer Day, a social media-driven exhortation to leave big banks and join credit unions, is scheduled for Saturday and is gaining national attention.
Created by an art gallery owner in California, the movement has recruited nearly 75,000 people who have RSVP'd to the group's event on Facebook.
Charlotte Metro Federal Credit Union has been Tweeting in support of the movement, and credit unions around the country have reported a rise in interest related to it.
The movement was created to oppose what it deems unethical practices by big banks and to support local institutions. It picked the Nov. 5 date to coincide with Guy Fawkes Day, the notorious failed bombing of the British House of Lords in 1605. Bank Transfer Day's organizer says it wants to put a new meaning to the date.
Bank Transfer Day leaders have been very careful to say that they are not affiliated with the Occupy Wall Street movement and similar demonstrations around the country. Bank Transfer Day does not condone actions taken by Occupy demonstrators. But the movement has enjoyed overlap in support from Occupy enthusiasts.
While a little wind has been taken out of its sails as big banks scrapped their plans for a debit card fee, organizers are pressing forward.
"In light of the recent announcements that many corporate-level banks have rescinded the new debit card fee policies, Bank Transfer Day would like to remind supporters that this consumer action was inspired not from the fee itself, but the principle behind it," the group's founder writes on the official Facebook page, saying the moves are too little too late. "When a company chooses to target a section of the population it views as weak, it's our duty as citizens to stand up in solidarity."
Is anyone in Charlotte participating?
Thursday, November 3, 2011
Bank Transfer Day gaining national attention
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28 comments:
Are Credit Union's even open to create an account on Saturday's?
I don't think they are....
I didnt hear about this movement until today, but I planned on making the switch anyway.
hello... you might want to re-think the date...
on a saturday, when most banks are closed. lol. brilliant!
I would do it, but I'll be too hungover from playing bongos all night with my Occupy Charlotte folks.
peace
When was the last time you saw a credit union ATM? Seems like it would suck when you travel to have to pay an atm fee everytime you need cash
At Anon 11:47, State Employees Credit Union has Cashpoints ATM in many places. Also if I need cash back that bad, I can run into a store and buy a soda much easier than I can find an ATM.
Some credit unions are open on Saturdays. Truliant is on Tyvola Rd.
Also many NC credit unions allow you to use other credit union ATMs without a fee. There is also the ALLPOINT network ATMS at Walgreens and places like that which you can use without a fee.
Also, many credit unions take part in the credit union service center program meaning you can make deposits and such at another credit union if they are an authorized service center.
Who needs banks?
Ally Bank (ally.com) is an online-only bank based here in Charlotte that charges no fees and refunds any ATM fees you get from using another bank's ATM nationwide. Obviously, they're open 24/7 online or over the phone (you always get a person) -- so no problem with the 11/5. Check them out.
So, let's say for the sake of argument that thousands of people leave their banks and start accounts with credit unions.....what's to say that once the credit unions get tons of new depositors they won't do the same thing the big banks are doing now? Social media has become the pied piper for the stupid, gullible and easily impressed.
Staying with Wells Fargo!!!
"Starting over" with a new financial organization just isn't worth the headaches. To those of you who *do* jump, good luck.
Don't say you weren't warned ...
I also want to switch my accounts from these big banks. I will do it ASAP. It is because of so many unethical practices of these big banks including Mortgage frauds, overdraft fees, big bonuses to executives while in bankruptcy, many more ...
When these big banks think that they are too big to fail and force their decisions on us, we should move our accounts from these banks. We can also stop using their credit cards if we can which earns them a lot of money
I have been with the same bank since the early 90's. The original bank I started with was bought/merged. It is now Wells Fargo. I have to say I've never been treated with anything other than respect and courtesy. I've even been refunded fees. Questions, replacement cards, free services, notary - heck I even have the personal phone number of a banker for after-hours information.
As of Dec 2010, Ally Bank was 74% owned by the United States Treasury. I doubt that's because they're a successful financial institution. I'll stick with the large banks, i.e. Wells Fargo, who repaid the government's TARP back in 2009--with dividends!
I've been with Wells predecessor Wachovia/First Union since the early 1990s when I first opened a bank account. Have never had a problem, love the nationwide access to ATMs and branches. Pay no fees on any of my accounts and have no intention of leaving for a credit union or an online bank.
I opened my credit union account online this past Sunday. Didn't even have to go into the branch! And they offered a switch kit that made moving my direct deposit a breeze. I don't know what headache that person is talking about. Warned about what??? By the way, to the one responder, blogs are very much a form of social media. Does that make you one of the "stupid, gullible and easily impressed"?
Credit Unions work on the concept that profitable accounts (i.e. those with a high balance) subsidize the cost of servicing accounts with low balances. As more low balance customers migrate over to credit unions, an equivalent number of high balance accounts must move as well or the system falls out of equilibrium. Once the system is out of balance, credit unions will have no choice but to begin imposing fees for services or be forced to close their doors. The State Employee’s Credit Union already imposes a $1 a month ‘membership’ fee regardless of account balance and this will surely increase if a large number of unprofitable accounts move into the system.
Credit unions are actively encouraging people to bring their accounts to them because they are ‘fee free’ but where will low balance account holders go once they are forced to implement fees to cover service costs?
I am sure that credit unions will be extremly happy to take in all those clients who protest overdraft fees. The is no doubt they will be paying your bills and charging no NSF's, unlike those "evil, big" banks, LOL
here is what is happening.
uncle sam putting stiffer penalties on big banks, that goes straight to customers.....the very people uncle sam wanted to help
now, those customers will go to credit unions....but those credit unions ride the backs of the big banks atm networks etc
next, the usage fees charged to small institutions go up from the various networks they use...credit unions get squeezed and so do the customers....
we'd have been better off if uncle sam had of left us alone. no one wins.
i am thinking about operating purely with cash.
Good luck with this, morons...
See you back at the bank soon.
I love it when people say switch to Credit Unions - do they understand that CU's don't pay taxes? If everyone moves, that's less tax the banks will pay and guess where that leads??
if u take your money out of the bank in cash to move it....be careful in this town as you go to the credit union of your choice.
Got out of Wachovia years ago and haven't been happier since. My money is no longer unavailable and on "hold" somewhere for some reason that even the "customer service" manager can explain.
To Anonymous at 1:54, you are crazy if you think banks pay taxes. WF is subsidized more than any other bank.
To the Anons saying that CU don't pay taxes. Credit Unions don't have owners, their members run the CU. Their members pay their taxes individually.
Also to the Anon who said CU's are going to impose fees on their members... Only if the members decide too for the good of the CU.
Remember, when you transfer your money into a CU you are becoming a part owner of that Union. Don't be scared to own the place that holds your money.
I bet all the Anons bashing credit unions work for BofA or WF. Would be interesting to find out how many bank employees belong to credit unions! Educate yourselves before firing off facts.
Credit Unions are open on Saturdays... at least mine are AND the biggest culprit Bank is Nations Bank (Bank of "America") is open on Saturday.
Also, I think think the date is perfect. I wish I could see the looks on those bankers faces on the following Monday with all those accounts being closed!
Service them right!
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