Posted on 10/23/2011 12:45:40 PM PDT by drewh
In about 18 days, more than 50,000 people plan to send a message to banks: Goodbye.
In an event titled “Bank Transfer Day” thousands are signing up to leave large banks in favor of credit unions on or before Saturday, November 5, over what some call unethical practices.
“If you don’t believe in a company’s practices or feel that a company’s practices are unethical, then, very simply, you should not have money with that company,” the 27-year-old creator of the event, Kristen Christian, told KTLA Live.
“I was tired of paying outrageous fees to banks for a severe lack of services. I was tired of having my money access determined by a corporation and the final straw because I was tired of banks targeting the impoverished and working class,” she said.
In addition to the 51,000 and counting rsvp's for “Bank Transfer Day,” a cause page for the event has amassed more than 15,000 likes, and the group’s twitter page now exceeds 600 followers.
The group’s mission, according to the public Facebook invite: ”Together we can ensure that these banking institutions will ALWAYS remember the 5th of November!! If the 99% removes our funds from the major banking institutions to non-profit credit unions on or by this date, we will send a clear message to the 1% that conscious consumers won’t support companies with unethical business practices.”
In recent weeks, banks have drawn fire over fee hikes. A petition titled ”Tell Bank of America: No $5 Debit Card Fees” has gained popularity, with more than 130,000 signatures.
Now, Bank Transfer Day may be gaining even more steam. The group’s attendees are active and vocal on the events page, sharing their stories of change with the public.
(Excerpt) Read more at abcnews.go.com ...
how about a Chase debit card?
I have members from other credit unions who come to the credit union at which I work to do their transactions, all the time. I simply choose a different financial platform on which to do those; pretty easy greasy!
As I mentioned in a post above, if your credit union is a member of a Credit Union Service Center, it's like having YOUR credit union all over the country, because you'll have access to your accounts at one of the other credit unions.
Please tell me you think one financial institution should not have the burden of paying taxes while another one should.
Who knows, once the dead-weight from these maggots is out of the banks, all those fee hikes may just start to disappear since banks won't have to write down these freak's losses anymore.
BTW, these IDIOTS don't know that Credit Union's are NOT FDIC insured and that you do not "deposit" money in a Credit Union, rather your money "buys shares."
I can't wait for the unscrupulous, predominantly union majority shareholder credit unions screw these kids out of their $12 so they can protest them instead!
Justice, that would be sweet.
Interesting. Did not know that.
If banks want to not pay taxes, like credit unions,,,, they could organize as non-profits, and live with the rules credit unions do, now couldn’t they?
Already done this. I dumped a monster mega-bank about 6 months ago in favor of a local credit union.
There are a few inconveniences, but overall I am glad I did it.
I am NO liberal, but BoA, Chase, Citi, Wells Fargo, etc HAVE gone too far.....
No. They would have to be specially chartered as credit unions. I guess the profit motive is becoming taboo on FR.....
It would be truly ironic, that’s for sure.
Dick Durbin gets his way.
Exactly,, and unless you argue that banks have a God given natural right to my business, then a similar product that works as an acceptable substitue for me helps MY profit motive.
CU’s offer far better rates on loans, and usually better rates on savings.
My personal PROFIT MOTIVE lures me there. CU’s live with restrictions that banks are unwilling to,, Thats fine. But for banks to screech when someone has a wonderful alternative is a joke.
In return for CU’s paying taxes, I wonder how banks would view open membership or interstate operations under the same name?
You already know the answer.
I am thinking about just transfer everything over to USAA, already have accounts set up over there. They don’t charge for ATM use outside their system, or at least refund it, up to ten cash withdrawals a month.
Thing is, our mortgage is through Regions Bank, so there are some convenience issues with being able to log online and check balances, make payments, etc. Have had the account for a long time, and several bank name changes. Also have other investment and Treasury stuff tied to it. What a bunch of bass turds.
I really hope they just allow cancellation of the ATM card, and thus the monthly fee. Pretty sure they will have some cheesy reason why they cannot.
By the way, about 10 years ago virtually all differentiating restrictions between credit unions and commercial banks were eliminated by legislation.
Innovation requires capital. Since credit unions have virtually no way to acquire capital their services and products are limited.
I happen to have a problem with legislatively-advantaged non-profits being permitted to fully compete with businesses that pay taxes, no matter what industry. I guess FReepers have something in common with the "occupiers."
Funny, you seem to have no problem with the legislative disadvantages of non-profits. (which is why they arent taxed) Furthermore banker, the CU’s actually do make a profit, and the members are the shareholders in a sense. And we see it in our dividends, lower rates, and better service. A banks board of directors makes decisions based on the good of the stockholders. A CU must do it based upon the good of the shareholders,, and they do.
As for your “simple” requirements, i have had mortgage products, car loans, savings, IRAs, free checking, and a Credit card.
Maybe ill check out a bank with it’s unfair legislative advantage if i need to finance a skyscraper in manhatten or i need to move my factory overseas.
And BTW the service is far better at a CU than a bank. Not even close. Ask anyone outside the banking industry. Your haughty tone aside,, most people would be better served by most CU’s than most banks.
As banks merged their investment side, with their consumer side,, and became internationalized,, consumer banking became the bastard stepchild to them. And it shows in their service.
Anyone care to argue that?
Granted, the sponsors' motives are likely to be the complete overthrow of the capitalist system and Bill of Rights...there is NOTHING here related to government action.
For that I applaud the little commie bastards.
I was doing some banking errands for my college aged kids this weekend. as a former banking executive ii can assure you that if my kids decided to leave the bank...the bank would cheer. These low balance, low transaction accounts are a drag on earnings.
Now if they talked their parents into going to a credit union, that would impact some smaller banks.
And, credit unions pay no federal taxes, so I am not sure I would hold them up as great examples.
Bank where you want...but the bankers will laugh at these kids. And the kids will hate the generally “old school” services the CU’s offer.
The President of our credit union lives in a banker’s house ($$$) and drives a nice BMW. Yeah...not in it for any profit at all.
This is new? I have shopped bank service charges for years and keep my personal and business accounts with a state chartered bank that charges no fees on checking or debit use they do charge quite a bit for checks so I use one of the third party check printer on the rare occasions I need checks. This is with online billpay included free which saves me a ton of postage. An added advantage is they actually greet me by name when I walk in the branch try that at your huge bank.
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