Bank Transfer Day (November 5, 2011) was started by Kristen Christian, a woman who was fed up with the way banks treat their customers and gamble with taxpayer money. Originally, Christian just invited all 500 of her Facebook friends, and hoped that some of them would heed her call to take their money out of the corporate, for-profit banks.
“I started this because I felt like many of you do,” said Christian. “I was tired– tired of the fee increases, tired of not being able to access my money when I need to, tired of them using what little money I have to oppress my brothers & sisters. So I stood up. I’ve been shocked at how many people have stood up alongside me. With each person who RSVPs to this event, my heart swells. Me closing my account all on my lonesome wouldn’t have made a difference to these fat cats. But each of YOU standing up with me… they can’t drown out the noise we’ll make.”
The Bank Transfer Day Facebook event went viral almost immediately and now has almost 77,000 participants. But reports from around the web say that thanks to Bank of America’s attempt to charge customers extra just to use their debit cards, 650,000 Americans moved their money from a bank to a local or regional credit union. Credit unions are not-for-profit financial cooperatives, whose earnings are paid back to members in the form of higher savings rates and lower loan rates.
It’s okay if you haven’t already opened a credit union account. November 5th is just a target date for action. Any day is a good day to move your money out of the Big Banks!
On the following pages, you’ll find some of the most important differences between banks and credit unions. Use this comparison to help you decide who you want to put in control of your money.
>>Up Next: Credit Unions
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