Friday, November 4, 2011

The Move Your Money Project - Nov. 5 is Bank Transfer Day

Saturday, Nov. 5, has been declared Bank Transfer Day as thousands of people around the country are set to transferring their money from large corporate banks to small banks & credit unions.

The Move Your Money project is a campaign that aims to empower individuals and institutions to divest from the nation's largest Wall Street banks and move to local financial institutions.

According to Huffington Post:

People fed up with the nation's biggest banks, whose casino-style investment practices are partly responsible for the financial crisis, are pledging to move their money  to small community banks and credit unions. They're taking the power into their own hands and voting with their dollars to help put an end to predatory lending, outrageous fees and impersonal service.

Many are transferring to credit unions instead. 

From Reuters:
The credit unions pulled in some 650,000 new customers since September 29, when Bank of America announced it would add a $5-a-month debit card fee, an industry trade group reported. Deposits from new customers surged to $4.5 billion, according to the survey released Thursday of 5,000 credit unions by the Credit Union National Association.

More info at Move Your Money Project

No comments:

Post a Comment