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:
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: