Bank Transfer Day: Join the Movement Against Big Banks

Bank Transfer Day is a movement that encourages people to take control of their finances and stand up against big banks. This movement was sparked by the big banks' involvement in the 2008 financial crisis.

The big banks' actions led to huge fees and penalties for their customers, causing many to lose trust in the banking system. Many people have had to pay overdraft fees, ATM fees, and other charges that can add up quickly.

People are joining the movement by switching to credit unions and community banks, which often have more favorable terms and lower fees. For example, credit unions typically charge lower interest rates on loans and higher interest rates on savings accounts.

By switching to a credit union or community bank, you can save money and have more control over your finances.

See what others are reading: Wire Transfer Fees Regions Bank

Many people are defecting from corporate banks to smaller, community banks and credit unions.

These institutions are often more customer-friendly and offer better interest rates on loans and deposits.

A recent survey found that 70% of Americans believe that community banks are more trustworthy than big banks.

This is likely due to the fact that community banks are often owned and controlled by local residents, rather than distant shareholders.

Community banks are also more likely to offer personalized service and to make loans to small businesses and individuals.

According to the article, the number of credit union members increased by 10% between 2009 and 2010.

This is a significant increase, and it suggests that more people are turning to credit unions for their financial needs.

More than 82,000 people have RSVPed to Bank Transfer Day events on Facebook.

The movement's Facebook event is planning marches to bank branches nationwide, with some protests already taking place.

Several Occupy Wall Street protesters were arrested last month for entering a bank in downtown Manhattan looking to close their accounts with the bank.

ListenLogic reported that marches to bank branches have been organized throughout the United States related to Bank Transfer Day.

The Credit Union National Association estimates that credit unions have added $4.5 billion in new savings accounts since September 29.

More than four in every five credit unions experiencing growth since September 29 attributed the growth to consumer reaction to new fees imposed by banks.

Bank Transfer Day's organizer, Kristen Christian, said she did not intend to start a big movement when she shared her plans with her 500 Facebook friends.

Some people view Bank Transfer Day as a way to protest against the big banks and their perceived unfair practices.

The idea behind Bank Transfer Day is to transfer one's money to a credit union or community bank, which are often seen as more customer-friendly and community-focused.

For example, credit unions have a long history of serving their members, with some dating back to the 19th century.

Bank Transfer Day participants often cite the benefits of credit unions, such as higher interest rates on savings and lower fees.

In fact, credit unions often have lower fees and higher interest rates on loans compared to big banks.

By moving their money to a credit union, individuals can help keep their money local and support their community.

A fresh viewpoint: Why Do Mortgage Rates Vary from Day to Day