November 5th Is Bank Transfer Day

Potemkin · 10-13-2011, 03:29 PM

November Fifth Is Bank Transfer Day
By Ben Popken on October 13, 2011 10:00 AM

Remember, remember, the fifth of November, because that's when "Bank Transfer Day" is happening. By that date, all participants will have closed their big retail bank accounts and put their money in a local non-profit credit union or local or regional community bank.

"If the 99% removes our funds from the major banking institutions to non-profit credit unions on or by this date," says the Facebook event page, "we will send a clear message to the 1% that conscious consumers won't support companies with unethical business practices."

To find a credit union near you, check out findacreditunion.com.

Bank Transfer Day [Facebook]

http://consumerist.com/2011/10/novem...nsfer-day.html

Auburn Boy · 10-13-2011, 03:42 PM

I wonder if this will work as well as the "Erase the NYSE from the Internets" did..,

Twoolf · 10-13-2011, 04:48 PM

I've always used community banks. After working for one of the majors early in my career, I learned the error of those ways.

penguinzee · 10-13-2011, 05:02 PM

Moved mine several months ago to a local CU, other than driving to the ATM, been problem-free... hey they even gave me a good car loan (which I needed!)...

So I guess I'm a little early for this transfer, no?

Franc (penguinzee)

Kassy · 10-13-2011, 05:07 PM

I doubt this'll get to 99% or halfway. Nice idea though.

leistb · 10-13-2011, 05:18 PM

Quote:

Originally Posted by Kassy

I doubt this'll get to 99% or halfway. Nice idea though.

I'm in 99% agreement with you.

Mama Alanna · 10-13-2011, 05:26 PM

We have our main accounts in a credit union, and I have a little freebie checking account in a community bank. Moved to a credit union...gawd, about 30 years ago, when our then-bank said "You must keep $1500 in your account at all time or we'll charge you $8 a month" for something that amounted to "we don't want to deal with piddly little accounts."

Ross · 10-15-2011, 01:38 AM

I have not tried to check but are you sure credit unions are safe.

They do lend money and a lot of that money may never be repaid
in this environment .

I humbly suggest you forget popular opinion and actually check with
your own eyes .

BoneDaddy · 10-15-2011, 03:47 AM

Quote:

Originally Posted by Ross

I have not tried to check but are you sure credit unions are safe.

They do lend money and a lot of that money may never be repaid
in this environment .

I humbly suggest you forget popular opinion and actually check with
your own eyes .

Been with USAA for over a decade. Before that I was with Jax Navy. Credit Unions are safer than banks.
They only lend to members.
Unlike banks, they do not lend to illegals.

Ross · 10-15-2011, 01:41 PM

.

A list of recent credit union failures .
http://bankimplode.com/blog/category...nion-failures/

Extract

Quote:

The National Credit Union Administration — it basically does for credit unions
what the FDIC does for banks filed a lawsuit against J.P. Morgan Chase &
Co., and Royal Bank of Scotland PLC in a bid to claim $800 million in
compensation. The suits allege that the respective banks took terrible
mortgages, bundled them into securities and then sold them to five credit
unions, omitting pertinent information or flat-out lying about the poor quality
of the underlying assets.

http://moneyland.time.com/2011/06/22...nion-failures/

BoneDaddy · 10-15-2011, 04:42 PM

Well that list is a lot smaller than the list of banks going under.
Unlike banks, when you are a credit union member you become a shareholder and therefore you have a right to go to meetings....see the books, etc. At a bank, you are just a number and you have absolutely no say in what goes on.

But hey....go ahead and put your faith in B of A or Wells Fargo.....

driveshesaid · 10-18-2011, 09:34 PM

Teamsters Credit Union - the Mafia looks after their own.

drive