Now here's a form of protest that just might work: Bank Transfer Day

The best thing about it is you won't have to look like a tool standing out in the rain holding a cardboard sign with a silly shopping list of demands.

Bank Transfer Day: A Protest With Your Money

The social uprising — called "Bank Transfer Day" — encourages bank customers to take their cash out of big banks and put it in smaller banks and credit unions instead. The movement is ostensibly in response to aggressive fees institutions are rolling out to recover profits lost from new financial regulations, notably Bank of America's (BAC - News) decision to stick debit card users with a $5 monthly fee and Wells Fargo's (WFC - News) $3 test of the same.

Here's an explanation from the organizers of Bank Transfer Day, straight from the group's Facebook page:

"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 on or by this date, we will send a clear message and give the 1% a taste of the fear that we experience every day when we aren't able to pay for our rent, food, medication, utilities, student loans, etc."

As of Oct. 10, the group's organizers say 6,500 Americans have already signed up in support of the event. How many of those consumers will actually yank their deposits from big banks is an open-ended question that won't be answered until Nov. 5, if at all.

Yahoo News


My bank recently changed names and left me underwhelmed with the changes so I was thinking of taking my pittance down the road to the local credit union anyway. Imaging what would happen if millions of people did this and took all of their money out of the big mega-banks!


Maybe this is the way a real revolution could work.

Im fairly sure Universoul came up with this didnt he?
What the banks dont want you to know - by universoul

Excellent, this needed to be done!
Credit Unions are the answer, if we all joined them the banks would have no power.

I ask all people to spread this as much as possible. wether it be by word of mouth, internet, flyers..anything!
people need to know there is a simple way to take back control of the world.
and they will be better off.

banks do nothing but rip you off and make billions for doing absouletly nothing at all.
the banks are the people behind your government.
if you want change, make change. the best way to do that is to leave your bank!

This would be a pretty world altering event. If there was anywhere near the 99% making this move, and we went to financial institutions that weren't owned by the big banks, it would be tantamount to a run on the bank. This would cause such havoc and upheaval that it could trigger the collapse of the world economy. If this is our goal, let's do it. I am one that thinks we need to realign society anyways...lol But just do it with knowledge of the potential outcome.

reply to post by FortAnthem


Well as the saying goes, money talks.

Some of the things the elite actually fear.

1) The people setup a parallel bank system and chose to ignore the bankster one.

2) The people read up on bernays and propaganda and stop viewing hijacked media.

3) The people read up on what is in the food and water and make a shift and teach it in school.

4) The people boycott ALL of the elites businesses and setup parallel ones.

5) The people break thru the left right paradigm and base their votes on issues.

6) The people become strong and self sufficient and not like the mob in Rome begging for bread
and manipulated by actors pretending to be concerned for them as millionaire politicians.

7) The people retool the education system to one that works and is not a degree mill

8) The laws of the land are reformed and real justice is done.

9) Insurance like USAA as a not for profit is made available to all, and it spreads to other
things like healthcare, and housing.

10) The people demand EQUAL RIGHTS with corporations or they are abolished, and criminal
acts by corporations are tried in court and punished by those who made them happen.

This needs to be spread with the channels that are spreading the Occupy Wall Street stuff. Without an action like this, protests mean very little to the head bankers.

I've been pushing this idea since the bailouts first happened. To be honest, it's almost inconceivable to me that anyone on ATS would still be doing business with the mega-banks after everything we've learned over the last few years.

Here is my previous thread suggesting the same thing: thread

Bank....What bank ???? I trust my nifty wool sock, my encased in concrete fire proof safe, my alarm system that I warn everyone about, it doesn't just produce sound....Let's put it that way....And of course my trusty ol' palls that tend to put holes in bad people.....LOL

What a great idea. I have already looked into the credit union route.

Starred and flagged!

The "Move Your Money" project is online since the end of 2010:

moveyourmoneyproject.org...

They have a list of good credit unions and local banks.

They call everyone to get out of Bank of America, JPMorgan Chase, Citi, Wells Fargo and the others "Too Big To Fail"...

Read up also about the bankruptcy laws in your state/country.
In Australia, If you don't own a home, your car is under $5K,
you can pretty much go into voluntary bankruptcy, and throw the maxed-out credit cards in the trash.

After reading the laws, you may find it's just the 'social stigma' that they have put around the idea, that stops people from doing it.
But, whats a little stigma if you've no longer got $100K of debt over your head?
The Jones'es can enjoy their expensive mercedes lease payments, and instant noodles.

reply to post by FortAnthem


I agree with the principle but I disagree with using this as part of the protest.

When not that many people bother with transferring their money out of large banks (and most won't - let's face it, Americans are generally apathetic), this will be viewed as a failure, and therefor this failure label will be placed on the protest. This protest has been a success so far, and will continue to be if they don't set themselves up for failure. They don't have the notoriety yet to request such a thing with a deadline.

reply to post by ShortMemory


It's been said time and time again. Ive done it before it never works. They alrady operate without money the paper is here for us not them....

so is our cue that this is working when the banks wont let you close/withdraw from your account?

what happens then? round up the posse?

Excellent idea.
So I clicked the link to find a bank or credit union where I could move my money.
According to the list, I am already at a bank recommended. And have been for over twenty years.
Yay!

It would be great if it would work...

Chase now charges a $10 monthly fee if you have less than $3500. If you have a student I.D. they will drop the fee so that helps me out. I still say it's nonsense, charge the lower income people?

Originally posted by inthemass
It would be great if it would work...

Chase now charges a $10 monthly fee if you have less than $3500. If you have a student I.D. they will drop the fee so that helps me out. I still say it's nonsense, charge the lower income people?

they charge you if you're poor. that's the way to treat customers. if you knew the perks banks give rich people your head would explode.

for example, their own secret waiting lounge with leather sofa's out of site of the peons. a bank within a bank no one ever sees. and lunch, if your business with the bank is long.

they assign you your own personal teller that is authorized to do any transaction no questions asked and goes out of their way for almost any request. one that actually says good morning how can i help you instead of the usual tellers you get.

you know, the tellers that the only two words that come out of their mouths are next and no.

car pick up from your home or office. and a bank card that allows you secret access to the privileged part of the building.

just like your taxes, these charges pay for the perks and privileges the rich enjoy on your dime.

Originally posted by forevertruepatriot
This needs to be spread with the channels that are spreading the Occupy Wall Street stuff. Without an action like this, protests mean very little to the head bankers.

I agree. While the protests may be an irritant to the entities which they are directed towards, they do not stop them from continuing business as usual. They still get their fat bonuses and hefty daily profits. There is no incentive for them to ever change what they are doing. Quite the opposite...they continue to receive incentives to keep things as they are.

Four Reasons to Choose Credit Unions Over Big Banks

1. Free Checking. Fat chance of finding a bank that has totally free checking these days. Although there are crafty ways of avoiding checking account fees, no bank is going to tell you that. Most credit unions still have totally free checking account for members.

2. Free ATMs. Most credit unions belong to networks within the National Credit Union Administration or NCUA. If you go to any credit union that is part of this group, you will often receive no fee ATM transactions. It doesn’t always work out like that, but even if you do pay a fee, it’s going to be a lot cheaper than traditional bank fees.

3. Better Interest Rates. Credit unions are non-profit. When you join a credit union you have to pay in to it as a shareholder. It’s only about $5 that you pay as your “share,” but that $5 makes you an owner of the credit union and because of that, you’re entitled to benefits. Credit unions often have better rates on loans, and better interest rates on deposit accounts.

4. No Strange Fees. If you’ve taken a large amount of cash in to a bank lately, you’ll notice that they charge you for the deposit. Isn’t that kind like McDonalds charging you to purchase lunch, and then charging you for the food? If it seems silly, it is, but that’s the new normal with banks. Credit unions have also been affected by legislation and have beginning to hop on to the fee bandwagon, but not with outlandish fees like this.

Frugaldad


And, probably the best reason to switch is because Credit Unions are the Distributist way to go.

Read more about distributism In this flyer they are handing out at the Occupy wherever movements

reply to post by FortAnthem


Awesome movement!

I am already at a local Credit Union, but I would have loved to change!

I'll be emailing this and adding it to my FB page as well. I think I still have some folks at BofA and Suntrust/Synovus, etc.

This needs to be a fixture on the front page. S&F for you OP! I already closed my account with the monstrosity BofA and started a new account with a small, local bank. Think it's time to take a step further and open an account with our local Federal Credit Union. Thanks!!