Hate your bank? Saturday is 'Bank Transfer Day'
Big banks may have scrapped plans to charge fees for debit card use, but many customers are still angry and taking their money elsewhere.
By MSN Money partner on Fri, Nov 4, 2011 1:42 PM
MarketWatch on MSN MoneyIf you've been thinking about firing your bank, now might be the time. A handful of grassroots groups are mobilizing people to abandon mega-banks for what one organizer calls "more friendly" smaller banks and credit unions.
Christian is using Facebook to invite people to shift their funds from for-profit banking institutions to not-for-profit credit unions by Nov. 5.
"Together we can ensure that these banking institutions will always remember the 5th of November," Christian wrote on the Bank Transfer Day wall.
As of Thursday, nearly 36,000 Facebook users "like" the concept while more than 73,000 indicated they will be "attending" Christian’s "party."
http://money.msn.com/saving-money-tips/ … =ansmony11
Show time is Saturday, Nov. 5, dubbed "Bank Transfer Day" by its organizer, Kristen Christian, an art gallery owner in California who started a Facebook movement after a handful of banks -- most notably Bank of America -- attempted to slap fees on debit-card use. Her movement has garnered support from consumer-advocacy groups and pressured big banks to kill debit-card fee plans. Post continues below.
I think the big banks have already received the message.
I would change if a debit card fee was added to mine, but whatever happens.. happens,A sudden slap could be damaging to a lot of people.
I switched from a large bank to a community bank years ago for that reason. Community banks present a more personal atmosphere to their customers than large banks. You are just an account number in large bank.
I was Watching the local news showing protesters making a valid point about the state financial holdings. They want the state treasurer to withdraw funds from the big banks and invest locally as well. Not use smaller banks can handle this but its a thought.
In October ALONE Credit Unions around the country have opened more new accounts than during the entire 2010.
Over 6.4 billions of dollars have been deposited in Credit Unions and I did my part as well without even knowing there was an organized movement to do so.
Just wondering if any hubbers actually participated in this today.
I was at Wells Fargo this morning and was amazed at the number of people using both the ATM outside and going into the bank. I wanted to ask people if they were closing their accounts but was in a hurry to get out of town.
Still the sheer volume of customers in the parking lot on a Saturday morning was ... interesting.
Who among us made the big switch today?
I'm still planning to but today wasn't the day for me.
If they're still there Monday (ha ha) I'll do it personally, with great pleasure, then.
(though I have to admit, I didn't know it was a protest day, I just couldn't afford to keep the account open because thier monthly fees were more than I had in it.)
I have always been with a small privately owned bank in Bradford PA.....I love my bank. Even with bad credit mostly from medical bills because I have no medical insurance they gave me a home loan. My loan officer said he did not care about medical bills and as long as I pay them they did not care if I did not pay anyone else.
I'm planning to replace WF with a credit union.
My experience with the local bank my husband finally got me to try about 8 months ago has been an unmitigated disaster. HORRIBLE. And, their fees are as high or higher than WF's.
But if the Bailey Building & Loan were to open a branch in my city I'd invest there in a heartbeat!
My Credit Union is hiring new tellers and managers; they are planning on opening more branches in the Los Angeles area so it will make it more convenient for people to bank with them
For people who do not automatically qualify as members, a $25 donation to a charity WIIL DO IT.
I wish I had some money.. currently my banks bank with me not the other way around... lol
Credit Unions are a bit better. lower fees and slightly higher rates than big banks hiding your money for you to earn 0.50%
just a thought here, but isn't the weekend completely the wrong time of the week to do something like this?
Is it accurate that credit unions do not pay federal taxes? I think I read that somewhere, but I may have misunderstood. If that is true, shouldn't that oversight be corrected?
Honestly, I see a big problem in the future for credit unions. If alot of these financially irresponsible people suddenly hit credit unions all at once before the holiday shopping rush then they will most likely deposit a few hundred or so dollars to transfer over accounts and turn around and get loaned new Lines of Credit for a few thousand. I would bet quite a few just end up not paying the principal balances after the holidays leaving Credit Unions insolvent from the rush. Credit Unions used to be sound facilities based on member participation , but now any person off the street can join who have no affiliation to the sponsoring entity or work union. In the end I would bet the pressure will shift from the FDIC(Federal Deposit Insurance Corporation) to the NCUSIF (National Credit Union Share Insurance Fund). If you thought lots of banks were closing the last few years, then don't be surprised to see quite a few credit unions go insolvent and bankrupt as well. I'm not saying this to everyone but I venture a guess that at least 20 percent of the people making the switch are financially irresponsible and could bring the credit unions down with them in the next few years. That may sound completely negative but with a national debt exceeding the '100 percent of GDP mark' today and so many people still proclaiming to -spend money the ' keynesian' way -I am amazed at the amount of communist manifesto rationale on the streets today.It looks like another savings and loan crisis in the making only this time on 'uncollateralized' debt. Remember many of these people pushing for the switch are the same ones pushing for having the principal on their student loans cleared and leaving everyone paying the bill in the form of a tax through inflation. Any clearing of principal debt in an en economy based on debt equals more debt. Everything seems free until you realize the inflated tax you pay for the irresponsibility of others. This should in no way be construed mean that the large banks were running ok. They weren't , but hey, just sayin'!
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