Right now, thousands of people across the country are moving their money from big banks to credit unions. Why? Well, the video below offers a pretty good explanation:
As reported yesterday, 650,000 people moved their money from big banks to credit unions last month. Over 80,000 more indicated on Facebook that they would do so today.
Protesting for political reform, as the Occupy Wall Street movement is doing, is certainly needed. Money owns politics right now, and we need to change that. Because there will always be rich people and immoral corporations that want to take advantage of the rest of society.
Clearly, though, another important action, as advocated by the Move Your Money movement (which, of course, overlaps a great deal with OWS), is to not support heartless, societally harmful corporations.
–>Having trouble moving your money? Seems some people are. For solutions, check out: Move Your Money 99%! (If You Can…)
Politicians bought by banks may have decided that banks are too big to fail, and perhaps they are at the moment, but a slow, mass exodus that takes away their power, influence, and importance is certainly possible.
The person who started Bank Transfer Day, Kristen Christian, says that she did not get inspiration from the Occupy Wall Street movement or Anonymous (but is happy for their support) but just got the idea when she heard the news that Bank of America (and others) were going to start charging a $5 monthly fee for anyone with a debit card and less than $20,000 in their account. She was also irritated at the continual addition of new fees (all while banking executives get record bonuses). ABC News actually has a good video on this.
“The principle behind monthly debit card fees weren’t something I could support as a conscious consumer,” Christian said. “Investigating my options, credit unions were clearly the most logical choice. I decided … that I had to take further action to educate the American people in how credit unions serve local communities.”
An important note, though, that I saw mentioned on reddit: remember that the people behind the counters at your bank (or former bank) are part of the 99%. They are likely being screwed, as well. Don’t take it out on them when you go to move your money, but perhaps consider helping to inform them in a polite, friendly way.
And to end on a funny (sort of) note: Chase bank apparently disabled online bank transfers just in time for bank transfer day today. Convenient, eh? Here’s a screenshot from a Chase customer:
Zachary, as a consumer & credit union advocate radio show host, I am declaring November as Bank Transfer Awareness Month.
great idea, i think that’s the way to go! 😀
I have to admit I lost my temper yesterday when i went into M&T Bank to close my account and I kinda feel bad about it now because the assistant manager i was talking to was trying to be nice about screwing me but he did say if he wiped out all the overdraft charges i asked him to he would get into trouble as well, so yeah, he was just trying to keep a roof over his own head as well.
Deleting comments? Is that really how you roll?
Not sure what you’re referring to,.. haven’t deleted any comments.
Here is my second video contribution to the movement. Pass it along.
http://www.youtube.com/watch?v=sx1wMmcPaks
Worth watching… subscribe if you like it.
http://www.youtube.com/user/MrParkerEast
This is ridiculous – it really is. The sense of entitlement in this country is why we are going to fail financially. Do any of you remember banking pre-2000? We used to be charged for all kinds of transactions. My parents used to have to pay for checks that were negotiated through their accounts .25 each. The savings and loans didn’t even offer checking accounts back in the day. Banking was not always free! I remember the opposition to debit cards nobody wanted to use them. The free checking boom hit when the refi boom was in full force. We should be grateful that we have the freedom of choice. I am a Chase customer and I love them and I have never had a fee. I had Wells fargo and I never had a fee. I have had a credit union and I left because their technology sucks, their ability to help with fraud was terrible took way too much time (45 Days) and my deposits took forever to clear. The credit unions charge to re-pin or order a replacement card. I have not had to step foot in a bank for years becaue I am RESPONSIBLE with my money what little I have.
There are people out there that need help and I guarantee these big companies have helped more people than the knuckleheads that have jumped on this Occupy and bank transfer bandwagon. Ask one of them how much they have given to help others in need. Some don’t even know why they are protesting because they were hired to be there! We really are becoming the laughing stock of the international community. It’s sad. Oh and just for the record that scheduled maintenance happens every weekend on Chase.com and the transfer wouldn’t even go through until the next business day which is Tuesday and that is at every bank.
Your bank has to suspend a service on it’s website every weekend for “maintenance”, and you’re complaining that credit union’s technology sucks? I don’t know about your country being a laughing stock, but your financial sector sure is.
good point 😀
Look, don’t assume Chase disabled the transfer in response to the day’s activities. I work in technology, and we regularly roll out system changes on the weekend, and outage pages are a regular part of that.
WANT FALLING GAS PRICES TOO??? Let’s start a GAS BOYCOTT… I don’t have a facebook account, so I can’t… but here’s the concept… Band Exxon/Mobil (simply because they are the biggest) everyone is to buy gas from everyone other brand except mobil/Exxon… this will force Exxon Mobil to reduce their prices to forcebly attract consumers (BUT THE KEY IS WE DON’T BITE AND BUY EXXON/MOBILE REGARDLESS OF THE PRICE) they will lower prices again, and so will the competition, and the beat goes on and on.
Prices will start falling! This could only happen on a large enough basis… ONLY SOMETHING FACEBOOK can have such a widespread impact! It’s economy 101… the old product and demand EXCEPT BACKWARDS!!! We can do this… AS MANY OF YOU THAT HAVE FACEBOOK SHOULD COPY AND PASTE THIS… PASS IT ON, YOU’LL SEE PRICES ON GAS FALL! SAVE AMERICA… LET’S SHOW THESE PETROLIUM CLOWNS WHAT THE PEOPLE CAN DO!
ALL YOU HAVE TO DO IS NOT BUY EXXON OR MOBIL… THE REST WILL HAPPEN ON IT’S OWN… I PROMISE. NOT MUCH TO ASK OF YOU… PASS ON EXXON AND MOBIL, GAS UP ANYWHERE ELSE BUT EXXON or MOBIL.
That’s not how anything works ever, and the more capital letters and exclamation points you use the crazier you look.