Bank Transfer Day - November 5th

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Bananacarrot's picture
Bananacarrot
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Bank Transfer Day - November 5th

 Have you all heard about the Bank Transfer Day coming up? (I'm sure you probably have)  We have been thinking about switching to a credit union anyway, but this certainly serves as an impetus...

http://www.cnbc.com/id/44800021/Occupy_Wall_Street_Backs_a_Nationwide_Boycott_Against_Banks

I'm not sure what the impact will be, but I think it is pretty amazing that people are unifying and taking action like this.

FAlley's picture
FAlley
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Joined: Nov 2 2010
Posts: 90
+1

It looks like something with more bark than bite... all the same, it's incredibly interesting to see such a notion simply get publicity.

SagerXX's picture
SagerXX
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Joined: Feb 11 2009
Posts: 2252
Wife & I...

...switched our account from Chase into a local bank a few months back.    Feels really good when I think that we are no longer supporting a TBTF. 

Damnthematrix's picture
Damnthematrix
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Posts: 3998
go early!

If a lot of people do this on the 5th, there will be banking logjams....  so I'd recommend going earlier.

Mike

svgreengoddess's picture
svgreengoddess
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Joined: Apr 23 2011
Posts: 41
yes, it will be crazy if

yes, it will be crazy if lots of folks do it on the same day! i'm in the process of getting rid of my B of A visa and switching to my credit union.  i think this is a wonderful movement, but no idea how widespread it is yet.

yoshhash's picture
yoshhash
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Joined: Sep 20 2008
Posts: 271
movement is gaining traction

http://money.cnn.com/2011/11/03/pf/move_your_money_day/index.htm?iid=Pop...

http://i.imgur.com/bdnH1.jpg

Personally, I've been mystified as to why such a thing needed a movement, to have someone put the idea in one's head.  I would have done it long ago, or not even started an account if i knew of shenanigans (I"m canadian, am not angry at my bank, no need to transfer.) 

Travlin's picture
Travlin
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Posts: 1322
Starve the beast

All the big banks have now publicly dropped plans to impose the new fees after many hundreds of  thousands of customers moved their accounts. Credit unions reported 650,000 new accounts this October, more than all the new accounts they opened last year! Community banks also report a big surge in new accounts. “ … the Independent Community Bankers of America said a poll of its 5,000 members conducted on Oct. 17 found that nearly 60% of community banks are gaining customers who are sick and tired of the big financial institutions.”

Since the bankers own the politicians, this is the only effective way to fight back, and it works. If enough people simply move there money elsewhere the big banks cannot survive. With today’s technology competitive community banks and credit unions offer a full array of sophisticated services so you don’t have to give up anything. It is time to, “Put your money where your mouth is.”

http://hosted.ap.org/dynamic/stories/U/US_BANK_TRANSFER_DAY?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2011-11-04-19-26-20

Travlin

docmims's picture
docmims
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Posts: 644
I moved my balance from

I moved my balance from Wells Fargo to  my local credit union.  Glad I did.  It's peaceful and effectively hits them where they feel it-- in the wallet.

plato1965's picture
plato1965
Status: Platinum Member (Offline)
Joined: Feb 18 2009
Posts: 615
UK banks having technical problems..

 Possibly related to the "move your money" thing.. ? 

 

 http://www.theregister.co.uk/2011/11/04/hsbc_uk_fail/

 http://www.theregister.co.uk/2011/11/05/natwest_outage/

 

 

 

 

 

 perhaps the tide is turning.. (4th?)

 

 http://www.youtube.com/watch?v=tqtNvgzWsis&feature=related

Damnthematrix's picture
Damnthematrix
Status: Diamond Member (Offline)
Joined: Aug 10 2008
Posts: 3998
I agree....
yoshhash wrote:

Personally, I've been mystified as to why such a thing needed a movement, to have someone put the idea in one's head.  I would have done it long ago, or not even started an account if i knew of shenanigans (I"m canadian, am not angry at my bank, no need to transfer.) 

Yep, I'm with you here.  We took all our dough out of the bank as soon as we settled the sale of our last house, and moved the whole lot to a "green" Credit Union which offers cheap rates on anyone building a green house, or buys a "green" car.  They just looked at our house plans, an energy efficiency rating, water tanks and solar panels, and bingo, we got a rate 0.75% cheaper than ANY bank mortgage on the Australian market.

The CU gives us a fee free number of ATM transactions (over which you get charged a minimal amount, but never five bucks a month!).

We've never looked back...

Mike

No_Fiat's picture
No_Fiat
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Joined: Oct 20 2011
Posts: 104
 Did you hear, yesterday

 Did you hear, yesterday Wells Fargo Bank announced they were creating a bank for the ultra rich.

Johnny Oxygen's picture
Johnny Oxygen
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Joined: Sep 9 2009
Posts: 1443
No_Fiat wrote:  Did you
No_Fiat wrote:

 Did you hear, yesterday Wells Fargo Bank announced they were creating a bank for the ultra rich.

Do you have a link?

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