November Fifth Is Bank Transfer Day

Remember, remember, the fifth of November, because that’s when “Bank Transfer Day” is happening. By that date, all participants will have closed their big retail bank accounts and put their money in a local non-profit credit union or local or regional community bank.

“If the 99% removes our funds from the major banking institutions to non-profit credit unions on or by this date,” says the Facebook event page, “we will send a clear message to the 1% that conscious consumers won’t support companies with unethical business practices.”

To find a credit union near you, check out findacreditunion.com.

Bank Transfer Day [Facebook]

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  1. Cat says:

    Only 1% of the 99% will make any effort to move their money.

    • RDRR says:

      I think you’re giving them too much credit. Moving accounts takes effort.

      • mauispiderweb says:

        I agree. People are lazy … and I speak from experience. My bank has no branches where I live and where I work. They do, however, have a branch where my mother lives. Not changing banks is great for my mom, who gets a monthly visit from me. I need to change banks. I’m too lazy to do it.

      • NickJames says:

        This, I rather not go through the headache of transfering my savings from BofA to a credit union. Only thing I use them for is savings and direct deposit anyway.

        • LanMan04 says:

          If you only use them for easy, low-impact banking, why not transfer? Let the Credit Union have access to that capital instead of bastard BoA

        • theycallmeGinger says:

          What headache? It’s pretty easy, actually. I guess mauispiderweb is right, people are lazy. But go ahead and keep giving BoA money, they deserve it.

      • gjones77 says:

        You’re both making the assumption they have an account or any money in said account…

        • alstein says:

          Even if they did, the only folks with enough money that the monster megabanks would care about- want to keep the 99% in their chains.

      • red says:

        I am changing banks. My credit union may not be open 24/7 but who cares…my credit card will be. I am moving to credit only (I have good money discipline)

        I find bank of america’s decision to charge everyone $5 for checking needless and highly offensive. If they can’t properly run a bank, I am not keeping my money in there. Whats next, fees for multiple accounts? I have been banking there for 10 years. And my parents for >15. And my brother for 10 as well. We all have anywhere from 12-80K in the bank each,

        We are all moving to credit unions (firefighter and teachers) before January. And my mom is moving all my grandmas money (>100k) as well.

        Moving banks is not hard (at least for me, I dont have a morgtage etc)
        1. Open an account at a new bank.
        2. Transfer your direct deposit paycheck the new bank
        3. Get your money out of the old bank. You can also do a tactic I learned from a curmundgeonly relative…if the bank refuses to close accounts in a timely fashion, ask the teller repeatedly if he is refusing or getting in the way of getting your money, which you own, and that you will call the cops to report theft. The phone was dialed. The money was given the same day.

    • DragonThermo says:

      Ditto. Only 1% of the 99% have a job and thus have money to put in a bank in the first place. When you spend your life traveling the country going from protest to protest, smoking pot, and not bathing, you can’t really hold down a job. Of course, not bathing and not having job skills does save you from joining the 1%, so I guess that’s a plus.

      Personally, I’m a proud member of the 1% (read: got an education and a job — a job made possible by the 1%).

      • atthec44 says:

        Some of the protestors are paid.

        • Cat says:

          Citation?

          • atthec44 says:

            It was right here on The Consumerist just 3 days ago.

            http://consumerist.com/2011/10/ben-jerrys-supports-those-occupying-wall-street.html

            It’s in the replies to the first comment posted on this story.

            • longfeltwant says:

              Okay. Next question: do you think that NYWF having an incredibly tiny number of minimum-wage organizers in a crowd of thousands discredits the protests? If so, why? If not, why did you mention it?

              • atthec44 says:

                One, these are not minimum wage jobs. $350 – $650/week comes out to $8.75 – $16.25/hour, which is considerably higher than NY minimum wage.

                Two, I do not think that paid agitators do any more to discredit the protests. But that is likely because I don’t think the protests had any credibility to begin with.

                Three, I mentioned it as a response to “1% of the 99% don’t have a job”. The reality is that for some of the 99%, this is their job.

                • coren says:

                  That assumes a 40 hour work week. I don’t know that these protests are 9-5 M-F gigs. (Also, 8.75 is pretty close to minimum wage in my state)

                  • atthec44 says:

                    You’re right, since I’m not one of the paid protestors, I have no idea how many hours they’re putting in each week. It could be 20-25 or it could be 40-50 so the only assumption I felt comfortable making was 40 hours.

                    From my quick Google search I found the minimum wage in NY State to be $7.75, $8.75 is about 14% higher and I consider that to be a fairly considerable difference. I don’t know about you but I’d love to walk out of my boss’ office this afternoon with a 14% raise.

                    That’s one of the biggest differences between many of these protestors and me. I feel that the only way I’m getting a 14% raise is if my contribution to my company warrants a 14% raise. These protestors think they’re entitled to it.

                • longfeltwant says:

                  “I do not think that paid agitators do any more to discredit the protests”

                  Thank you. We accept your apology, and acknowledge that everything else you said is meaningless and irrelevant.

              • MMD says:

                And does this level of support compare to the highly organized and corporate-funded tea party rallies and protest?

      • kc2idf says:

        I highly doubt you are in the 1%.

        • JennQPublic says:

          I think a huge part of the problem is how many people think they are in the 1%, but are actually laughably far out of it.

          Most of the people I know are poor, and don’t realize it. They think because they drive a nice (bank-owned) car and live in a nice (bank-owned) house, that they are wealthy. If they lose their jobs, they would last maybe two months. But they look down their noses at ‘poor’ people.

      • longfeltwant says:

        Yeah. Right. You are in the 1% but you still have both the time and the inclination to troll around on internet forums like the rest of us peons.

        91% of Americans who want to be employed, are employed. That means that 90% of the 99% which want to be employed, are employed.

      • witeowl says:

        Wow, only two out of every hundred people have a job? Man, no wonder people are rioting.

        I’m going to guess that your job doesn’t require mastery of math.

      • eigenvector says:

        Just like the protestors in, say, Egypt? They weren’t fighting a corrupt system, just being whiny little bitches?

        You obviously have no concept of what the protest is about. Or you are trolling.

        I have an education and I have a pretty great job. I’m still in the 99% by far. And this protest goes very far beyond the issue of a job and education. Corporate greed and influence is destroying our economy and our country.

        So until you know what the protest is about and take a look at who the participants really are, you should probably shut the fuck up, lest everyone see you for the giant tool you probably really are.

      • shaman668 says:

        Enjoy your profits, made on the backs of everyone else..

        I too have an education and a good job, but I also contribute when/where I can.

        Calling yourself a 1%er just makes you a weinie.. Try not being a soulless automaton sometime..

    • Mike says:

      That may be true for November 5th. But hopefully over time people will realize that talking with your money is the most effective form of protest.

    • smo0 says:

      I called my credit union and told them about this date – spoke with someone higher up the food chain.
      They’ve been advertising (locally) as an alternative to big banks, but I told her to perhaps talk to their marketing and media department about perhaps adding something “special” if they do it by November 5th… maybe something will come of it, I can only hope!

  2. Bagumpity says:

    Unless I get a free toaster, I’m not going to bother. Every man has his price, and mine is a toaster.

    • Cat says:

      “Would you like some toast?”

      • Applekid ┬──┬ ノ( ã‚œ-゜ノ) says:

        Jesus said, Give a man toast and feed him for a day, Give a man a toaster and feed him for a lifetime.

        • Cat says:

          If you give a man a Talkie Toaster, he’ll kill himself, eliminating the need to feed him.

          • whonichol says:

            Someone needs to take a well functioning holo-whip to these greedy bankers…

          • LadySiren is murdering her kids with HFCS and processed cheese says:

            Howdy doodly do. How’s it going? I’m Talkie, Talkie Toaster, your chirpy breakfast companion. Talkie’s the name, toasting’s the game. Anyone like any toast?

      • Oranges w/ Cheese says:

        Look, I don’t want any toast, and he doesn’t want any toast. In fact, no one around here wants any toast. Not now, not ever. No toast.

        • Cat says:

          OK, here’s my question: Would you like a muffin?

          • Rachacha says:

            “I do not want a muffin, man. Not here or there or in a can. I do not want it in a car, I do not want it near or far. I don’t want a muffin on a yacht, and I don’t care if it is warm or hot! I do not want a muffin, man” said Sam I Am.

      • Blueskylaw says:

        Bring me four fried chickens and a Coke – and some dry white toast please.

      • LordTwinkie says:

        Look, I don’t want any toast, and he doesn’t want any toast. In fact, no one around here wants any toast. Not now, not ever. No toast.

    • conquestofbread says:

      Your threshold is low. I got an ipod nano once for opening a bank account.

      It’s the only apple product I have ever owned.

    • cybrczch says:

      Me too. That’s why I bank and First National of Caprica.

    • Ayumi~n says:

      I should have thought about that before I switched banks. There was a bank I saw that gave a free ice cream maker. I could have totally gotten that.

    • Weekilter says:

      You can be bought too easily. I won’t move my account for anything less than a portable convection oven.

  3. dolemite says:

    I didn’t think just anyone could join a credit union. I thought you needed an “in”..like being a public servant or military, etc.

    • pop top says:

      It depends on the credit union. Some are job specific (like the ones for postal workers or other government employees), but there are some that are open to all.

      • Derek Balling says:

        Well, by definition they’re never “open to all”. It’s just that the “set” of people who are allowed to join might happen by coincidence to include every single person who is likely to apply.

    • skwigger says:

      Often times you just need to be a resident in that area.

    • curiositykt says:

      Some you just need to donate to something. Digital Credit Union is like that.

    • theblackdog says:

      There are credit unions for folks who “Live, work, or worship” in a certain county or city. I assume you’d just need proof.

    • magnetic says:

      You can apply. Sometimes they have financial criteria regarding credit scores. I think most states have regional credit unions.

    • kc2idf says:

      I am eligible for three credit unions that I am aware of.

      The one I am in is open to you if you work for one of certain companies (I do), are a member of certain organizations (I’m not) or live in the City of Schenectady (I do).

      Another local credit union has similar requirements, but with the list of employers being different (my employer is eligible there, too) and the residency requirement is the City of Albany.

      Yet a third only requires you live in Schenectady County.

    • limbodog says:

      Some are regional. I’ve had mine for about 20 years. It started off as a credit union for employees of a certain company and their families. Now it is anyone living in the general area. I’ve never had a problem with ‘em. And I’ve never gone back to having a bank.

    • longfeltwant says:

      I’ve never lived in a place where my home residence address didn’t qualify me for membership in the local credit union. You might, but I never have. Usually you are okay if you live within a 20 or even 50 mile radius of any CU branch. And even if not, there is a long list of other ways to qualify; each CU has different rules. If I had to guess, I’d say that 90+% of Americans qualify for a CU. The qualifications are intentionally weak.

    • trencherman says:

      I thought so too, until I just walked into a branch of the credit union and asked, “How do I join?” It was very easy.

  4. Sanspants says:

    “By that date, all participants will have closed their big retail bank accounts and put their money in a local non-profit credit union or local or regional community bank.”…or a frozen banana stand.

  5. j2.718ff says:

    In Europe, a “bank transfer” is when you electronically make a payment from your bank account. (Sort of the electronic version of writing a check)

  6. Cat says:

    Anyone that’s pissed enough to move their money already has. That leaves only those protesting in various cities around the nation to move their money.

    So, what percent of major bank’s deposits does this bunch of largely unemployed folks control?

    • Cornflakes says:

      You’re a big downer. We get it.

    • MMD says:

      Largely unemployed? How do you know? Have you catalogued them all?

      Citation needed.

    • Peggee is deeply offended by impetulant, pernicious little snots disrespecting her and violating her personal space at Best Buy. says:

      Anyone that’s pissed enough to move their money already has.

      Not necessarily. I absolutely will not stick around for SunTrust’s fee to kick in next month, but since I don’t want to end up moving again a month after that when the next bank pulls the same bs, I’m talking to people and researching the options around here. Also, since I work for a living, it’s a little hard to find time during banking hours to go in and open an account.

      Are you saying that the people involved in the protests are largely unemployed, or just anyone who doesn’t want to pay a fee must be unemployed?

      • ken2148 says:

        Some banks and credit unions you can open and fund their accounts online (regular bank account, not an online only account). I switched from Chase to a credit union a year ago. I’ve never stepped into one of the CU’s offices. Took about 5 mins to fill out the online forms and then they sent me some forms to sign and mail back. Yes it was a pain to switch but well worth it.

  7. JonathanR says:

    I wonder if most of those people at the protests even have bank accounts…

    • Emerson7 says:

      Many have trust funds, which they should sign over the “the poor” as soon as possible to prove they’re not just rich kid a-holes acting out before they become their hated parents..

    • Costner says:

      I’m sure many have bank accounts, but I bet the average protester (and yes I’m stereotyping here) probably is the type of customer than most of these banks wouldn’t care about. If you only have $45 in your checking account… a bank doesn’t really want you as a customer even if they won’t tell you that.

      The second most comical aspect of this “rebellion” is that they are assuming credit unions or small town banks are somehow more ethical or that they don’t engage in “unethical business practices”. I wonder what they would say about a local small bank in my city where the former President was found to be guilty of fraud, falsifying bank records, self-dealing etc, etc. I also know of a bank in a city I used to live in (a family owned bank) that was shut down by the FDIC due to the owners robbing the piggy bank and engaging in questionable lending activity.

      Small banks and credit unions do not hold a monopoly on ethical behavior, and not all big banks are evil nor do they all try to screw their customers over at every turn.

      I support most of which the OWS protesters are saying, but this whole “big banks are evil, but small banks are heaven” nonsense is just that… nonsense.

    • suburbancowboy says:

      I was at the Occupy Wall Street protests several times in the past three weeks. I happen to work for large corporation. I am not anti-corporate. I am however outraged by the crimes that banks have committed which led to our economic collapse. I love the company I work for. They treat me well, pay me well and give me excellent benefits (by US standards). Yesterday I took my money out of Citibank and moved it to a Credit Union. I’m sure I’m not the only one.

  8. Get A Amberlance says:

    OH GREAT–EVEN LONGER LINES AT THE CREDIT UNION. MANY JUMPED SHIP IN OUR AREA LAST SPRING AND THE CROWDS GREW–GUESS IT’S ONLINE TRANSACTIONS ONLY FROM NOW ON.

  9. Get A Amberlance says:

    OH GREAT–EVEN LONGER LINES AT THE CREDIT UNION. MANY JUMPED SHIP IN OUR AREA LAST SPRING AND THE CROWDS GREW–GUESS IT’S ONLINE TRANSACTIONS ONLY FROM NOW ON.

  10. Coelacanth says:

    Isn’t it illegal to incite a bank run?

  11. pop top says:

    is this going to be like those “DON’T BUY GAS ON THIS DAY” sort of thing where no one does it but everyone says they will?

    • atthec44 says:

      Those days are funny – and useless. I fill up once per week, on Saturday. If Saturday is “don’t buy gas today day”, guess what, I’m buying gas on Sunday.

      • hoi-polloi says:

        Exactly. People may like to think they’re sending a message, but it’s an empty gesture if they don’t change their consumption in any meaningful way. You know what companies will see? An increase of gas sales the day before and the day after, and the same bottom line at the end of the month.

        • The Lita says:

          And even if it did hurt anyone, it would only be the gas station and not the actual provider of gasoline.

          Gas stations only make a few cents per gallon sold. It’s a completely futile gesture.

        • hobochangbar says:

          Yes, but this is different than the don’t buy gas day, in that it can actually have an impact. Think of it as helping the smaller institutions (credit unions) that have a vested interest in their locality & its people. Take the “screw big banks” out of it & just encourage folks to patronize the alternatives for all the good reasons that come with that. I’ve financed car loans & have both savings & checking accounts @ my CU. We’re looking to re-fi the mortgage and just got an offer from our CU for no appraisal fee so we may be moving that away from Chase.

          • hoi-polloi says:

            I hope my comment didn’t imply otherwise. The skip-gas-for-a-day is bogus, but something like this could have impact if enough people do it. I wonder how small credit unions would deal with a sizable increase of accounts. We’ve used a CU through our employer for car loans and savings, but don’t use them exclusively.

        • dangermike says:

          The banking equivalent of the don’t buy gas days would be a don’t deposit your check day. Moving an account out — at least if it has a ledger over 4 figures — could actually impact the banks. Of course, as many have stated already in this thread, with the overwhelming theme from the protestors being something along the lines of “I’m past due on a 6-figure student loan and can’t find work that I’d be willing to take” would suggest that any savings they might be holding would have already been exhausted.

          • hoi-polloi says:

            My comment was specific to the one-day gas strike, and wasn’t intended to be applied to the proposed bank transfer. Your example is spot-on. Enough people changing their long-term behaviors will have impact.

    • coren says:

      More like a “don’t buy gas from BP” day or some such. Still can buy gas elsewhere.

  12. TuxthePenguin says:

    Hooray, so we’re going to be participating in a bank run…

    • TMN says:

      Doesn’t a “run” typically mean trying to withdraw it and hold the cash? If you just transfer to another institution, it’s not exactly the same thing.

      Anyway, if you do it via electronic transfer, they have a couple days to post the transaction, so they can shift some of their short-term investments around and come out fine. It’d take some major corporations or a lot of fairly rich people to really cause any major bank to have cash flow problems.

      Ironically, credit unions are probably much more susceptible to “runs”…

  13. PercyChuggs Was Found At JFK Airport says:

    No thanks, I’m happy with my U.S. Bank account.

  14. Firevine says:

    Are those “We are the 99%” herpaderpers just now figuring this out? I did this years ago. /flipoff RBC Centura.

  15. ajaxd says:

    Almost as stupid as “don’t buy gas on this day”.

    Use the bank that makes most financial sense for you and the marketplace will decide who is the winner.

    • MMD says:

      Don’t people and their individual decisions constitute the marketplace?

    • limbodog says:

      Not at all. The “don’t buy gas on X day” thing is stupid because you still need gas the day afterwards. The impact is just that the gas station has a slightly less busy day followed by a slightly more busy day.

      If everyone takes their money out of banks and puts it in credit unions, that means the banks are not going to make any money off those deposits. If enough people do it, it has an impact.

      Granted, at this point, it would take many many many people doing it for it to have much of an impact, but still. I think it’s a good policy. “Don’t like ‘em? Don’t use ‘em!”

  16. wbeem says:

    I left my credit union because it was corrupt. Why would I think going back now should be an improvement?

  17. SquidNoMo says:

    Wait a minute. The occupy folks tell us that ALL the money is in the hands of the 1%. How will moving the couple of dollars in the 99% hurt the big banks?

    • IBuyStuffWithMoneyIDontHave says:

      It doesn’t. The movement itself is logical but this specific act makes no sense.

      Corporations and institutional investors are where most money is, not in consumer bank accounts.

    • mattyb says:

      They won’t be able to collect all of those nickel and dime fees they charge. The 1% have so much money in the bank, they don’t have to worry about minimum balances or pay the fees.

      • jessjj347 says:

        Or could it be that they don’t care about the fees and thus get hit with tons of them without protest ? And by “fees”, I probably mean paying for bank services in the top 1%’s case.

      • dangermike says:

        Both of the banks I deal with require a minimum savings balance of $500 to avoid fees. Does this mean only 1% of people have over $500 at the ready?

    • Nobody can say "Teehee" with a straight face says:

      Why do they call themselves the 99% anyway? Surely they have the interests of humanity at heart, and aren’t ignoring the poor from other countries? Although I guess calling themselves the “10%” doesn’t sound as good.

      • FyreGoddess says:

        The protests are specific to our country, our economy and our government.

        What I’m hearing from you is that we shouldn’t be protesting until things are as bad here as they are in the Middle East. What we are saying is that it’s already gotten bad, and we don’t want to wait around for it to keep getting worse.

    • Kaniac says:

      Well, the little money the 99% does have in the bank regularly gets siphoned off by the bank in the form of “low balance fees”, “debit card fees”, “we hate poor people fees”, etc. The banks will obviously be hit at least a little by the loss of the debit card fee paying customers, otherwise they wouldn’t even have these ridiculous fees…

    • longfeltwant says:

      Straw man much? Nobody says “all” the money is in the hands of the 1%. The claim is that way, way, way too much of it is in the hands of the 1%. Rhetorical shenanigans doesn’t refute that opinion, but if you can find a way to scrape a little bit of intelligence from the bottom of your brain-barrel, you might find some other way to refute it.

      • SquidNoMo says:

        You have a marvelous inability to grasp the basic concepts of sarcasm. I eagerly await your next sylable.

        • Duke_Newcombe-Making children and adults as fat as pigs says:

          More like you demonstrate a gobsmacking inability to employ sarcasm effectively. But whatever. I make my own sarcasm at home, so no biggie.

  18. atthec44 says:

    If everybody takes their money from the banks that are in the “top 1%” and moves it to smaller banks, won’t those smaller banks then become part of the 1% because of their increased holdings?

    • jessjj347 says:

      I think the idea is to take away some of the power from the large banks and shift assets to banks that are non-profits. That might change those non-profit banks in several ways, though.

    • longfeltwant says:

      Is that some kind of nonsense rhetorical question? Or do you really expect someone to spend the time to explain that taking money out of the dozen or so huge banks, and putting it into thousands of smaller banks, will not, in fact, result in thousands of huge banks, but rather thousands of slightly less small banks?

      Oh, crap, I just did it.

  19. May contain snark says:

    I’ve been meaning to transfer to a credit union for a while now. I really can’t wait to say goodbye to my 27.24% APR rate on my Chase Credit Card despite never going over my limit or being late on a payment.

  20. curiositykt says:

    I’ve been in the process of moving my accounts from Citizens Bank (due to ATM fees) to Digital Credit Union for about 2 months now. Ironically I probably will be ready to shut down the Citizen’s account around that point, so sure, why not!

    But I can’t imagine most people would be able to do it in this short of a time frame.

    • Bsamm09 says:

      I could move all my money out of my BofA accounts by dinner. What takes so long?

      • MMD says:

        If I were switching banks right now, I’d have to change my direct deposit information with my employer. Since I only get paid monthly, I’d need to wait until my next check was deposited to make sure it was going into the correct new account. I wouldn’t cancel the old account until I was sure the new account information was in effect at work.

      • George4478 says:

        When we did this last year, it took 2 direct deposit cycles — a final one in the old bank(too late to change it) and an initial one in the new credit union(making sure the change actually happened) before I was willing to close the old account. So, it took a few weeks to move from one bank to another.

        Anyone who has automated events, either deposits or withdrawals, should make sure those are correctly changed before shutting down an account. There have been many articles here about what happens with zombie accounts.

    • legolex says:

      I plan on leaving Citizens too, they’re going to start charging $6.99/month for their formerly free Green$ense program. Which makes absolutely no sense at all. I haven’t found the right credit union yet but when I do, Citizens Bank can eat my dust.

      • feetmonkey says:

        They are charging $7/mo for greensense now!? Isn’t the max you can get back $10/month!? I’m glad we switched to a credit union! So not worth it!

      • gaya2081 says:

        Yup…I WAS going to wait until next spring to transfer my account (buying a house and didn’t want to risk something happening with the transfer screwing up my credit) but that pissed me off. I am in the process of deciding where to open an account and planning the logistics while on the road for work this week.

  21. rpt says:

    I read somewhere that bottom 80% have only 7% wealth in America. Assuming they are the most angry ones and they remove all their money from the big banks, the banks are only going to loose a small fraction. And who says these people have their money in these big banks at all?

  22. Stellar N00ntide says:

    I initiated my bank transfer from Chase a month in advance of Bank Transfer Day. Never been happier.

  23. ToddMU03 says:

    Cause when I think of the Jesuit Treason, I think of moving my money from the bank.

  24. Rocket says:

    Now I just wanna watch V for Vendetta again.

    • Mr. Fix-It says: "Canadian Bacon is best bacon!" says:

      I like Anonymous as a concept, but in execution they leave much to be desired…

      Also I too like V for Vendetta, even if Alan Moore didn’t ;P

  25. shepd says:

    Won’t gain any traction. I have a credit union, and love them dearly enough I encourage people to switch all the time. They always have a very lame excuse not to:

    – They’re only open 9:30 – 5:00 pm (yet they are across the parking lot from my workplace, and most of these people work there, and we all have 9-5 jobs)
    – The services offered aren’t enough. But when I ask “When was the last time you sent a TT?” or “You know they do offer American money (I’m in Canada) if you request it, right?” “What is it you want them to do that they don’t?” I get a useless stare.
    – And they complain the $3 a month the Credit Union here charges is a lot of money. Of course, that $3 buys you unlimited use of your debit card and unlimited use of any of their ATMs both at no extra cost. No, they prefer their free account with 2 free ATM uses and $0.75 debit transactions. I guess for someone who uses such complicated bank services, they must only visit it twice a month and only spend using their card three times a month.

    In other words, they don’t want to because they’re somehow locked into their current bank in a fashion they’d rather not discuss. I wouldn’t be surprised if it’s the shame of some sort of debt with the bank that’s keeping them there. Oh well.

    • witeowl says:

      I wouldn’t switch to your credit union, either. $3 per month? I don’t pay any monthly fees, have free in-network ATM use, never get charged for debit transactions, and have 24-hr customer service with my online bank.

      The bigger issue is that they’re uncomfortable with change. They’re the type of people that advertisers target heavily, knowing that the brand they use at thirty is the brand they’ll use for life. That’s not me.

  26. GoPadge says:

    My money’s been in local banks or credit unions for more than a decade. You get better customer service and fewer fees for the trade off of fewer branches when you travel, not that it’s been a problem for me and I spent 2009 on the road.

  27. sspeedracer says:

    Only a fool would continue a contract with a corporate bank.

  28. theblackdog says:

    I’m with USAA and they have stated they will not create a fee to use my debit card, so I’m golden :-D They deserve my money.

  29. Aking0667 says:

    I don’t get where a lot of you are getting the protesters are lazy pot smoking hippies from. I’ve been to a few of these and a lot of them are regular people who are gathering together under the same message of “we’re pissed about this crap.” I do wish they could put out a concrete set of objectives though, stuff like removing corporate person-hood and completely redoing campaigning.

    • FrugalFreak says:

      it’s baseless propaganda in an effort to minimize truthful outrage and keep the tea party in limelight.

      #spoiled want to stay spoiled.

    • NoLongerALurker says:

      I think this is because the majority of the media have only been showing the pot-smoking hippy types. What makes a better sound bite; a middle aged, white collar working making good points about how the financial system in the US needs to be seriously looked at or the “dirty hippy” raving about conspiracy theories… man?

      Another thing that bothers me is that it seems most people assume the only supporters of the Occupy Movement are the ones physically attending the protest (which further plays into the unemployed hippy stereotype) when in fact there are plenty of people who can’t attend the protest for various reasons who are in support of the movement, too.

      Just check out this tumbler to see how varied the supporters are: http://wearethe99percent.tumblr.com/

      I run a website and one of the general rules among webmasters is “Only around 5% of your readership will be active” (actively posting comments, posting in forums, submitting emails, sending momentary support, buying merchandise, etc). Most of your readership will be passive. I believe the same could be said about this movement. Only around 5% of the supporters are active while the majority are passive. That doesn’t make them any less supportive; just less visible.

      I think this thing is bigger than most people give it credit for…

  30. narq says:

    Fee after fee by mistake. $5 ATM fee at BoA. Constant screwups on your account. Long lines at the bank. No one ever knows what is going on with your account. Let me just say if you are still with a major bank there’s something wrong with you. Either you’re exceptionally lazy or you’re stupid. I switched banks at the beginning of the year and my local bank has completely free accounts. They even gave me free stuff for having direct deposit. Awesome right? All BoA ever gave me was a new fee that wasn’t supposed to be on my account.

    Think of it this way. Should you have to worry about your money and whether or not it’s still in your account? No! So don’t use a big bank. Go local. Some of them have awesome incentives.

  31. theycallmeGinger says:

    I thought I was pessimistic but most of you seem to have all but given up. Say what you will about OWS (I have mixed feelings about it for sure), but you must realize that YOU are the 99% that’s getting screwed. The responses I’ve been reading are disappointing at best. Whining about how nothing will ever change and yet admit (proudly for some) that you’ll do nothing about it on a personal level. Where have all The Consumerists gone?

    • NoLongerALurker says:

      I, too, have been shocked at the hatred towards the protesters. Whats with all the hate?? From the comments here and on various other sites I’ve seen a few major complaints:

      They don’t have any clear demands.
      -That is because right now the Occupy Movement is an open forum. They know that something isn’t right in the country but just because we know that it doesn’t mean they know how to fix it. Plenty of ideas are being presented and discussed every day. Go here to get a general idea: http://coupmedia.org/occupywallstreet/occupy-wall-street-official-demands-2009

      They don’t focus on a single message.
      -Is *one thing* going to fix the country and the financial system? No. Then why focus on one demand?

      I don’t agree with everything they’re saying.
      -What two people (let alone 99% of Americans) agree on everything? Do you see any points that you could get behind? If not then why not speak up? You’re part of the 99%, too, your voice deserves to be heard just as much as the rest.

      I disagree with ((certain protesters ideas)) and/or ((certain protesters actions)).
      -With a group this large and varied you’re going to end up with all sorts. The individual doesn’t speak for the group. Don’t let the words or actions of a single protester represent the entire movement.

      The Occupy Movement is just full of a bunch of “dirty, unemployed, pot-smoking hippies”.
      -Those may be the most visible types but they’re hardly the only ones. Check out this tumblr to see how varied the supporters are: http://wearethe99percent.tumblr.com/

      The protesters are just looking for a government handout.
      -I’m honestly not sure where this came from. How does wanting more regulations on corporations and more control over your politicians translate to “wanting a handout”? I suppose there could be some individuals in the group who are looking for that sort of thing but that isn’t what the Movement is about.

      You’re not the 99% to the rest of the world *you’re* the top 1%.
      -Because others are suffering more does that mean you can’t fight for a better life?

      Why are they doing this? It wont change anything.
      -It’s attitudes like this that help maintain the status qou. Thankfully there are still others out there who believe otherwise.

  32. junip says:

    You realize Nov 5th is a self-serving date for Anonymous. Why not a sooner date? That mask in the picture is a Guy Fawkes mask, and Nov 5th is the day he was found guarding a stockpile of gunpowder meant to be used in a plot to kill one monarch in England and replace him with a Catholic monarch. So he fought for Catholicism, and he failed in the assassination plot. Sounds like a great role model, huh?

  33. SisterMaryPollyEsther says:

    but…I just dumped my credit union for USAA. I don’t want to be known as a banking slut.

  34. lovemypets00 - You'll need to forgive me, my social filter has cracked. says:

    So they picked a Saturday to move accounts from one bank to another? Good luck with that. Most of the banks in my area are open for a few hours on Saturday AM, and many of those just open the drive through.

  35. FrugalFreak says:

    Yep, CU here.

  36. SPOON - now with Forkin attitude says:

    how do you participate in this if you made the switch in the 1990’s?

  37. NoLongerALurker says:

    ((originally posted in response to another comment but I believe it deserves its own post))
    I have been shocked at the hatred towards the protesters. Whats with all the hate?? From the comments here and on various other sites I’ve seen a few reoccurring complaints:

    They don’t have any clear demands.
    -That is because right now the Occupy Movement is an open forum. They know that something isn’t right in the country but just because we know that it doesn’t mean they know how to fix it. Plenty of ideas are being presented and discussed every day. Go here to get a general idea: http://coupmedia.org/occupywallstreet/occupy-wall-street-official-demands-2009

    They don’t focus on a single message.
    -Is *one thing* going to fix the country and the financial system? No. Then why focus on one demand?

    I don’t agree with everything they’re saying.
    -What two people (let alone 99% of Americans) agree on everything? Do you see any points that you could get behind? If not then why not speak up? You’re part of the 99%, too, your voice deserves to be heard just as much as the rest.

    I disagree with ((certain protesters ideas)) and/or ((certain protesters actions)).
    -With a group this large and varied you’re going to end up with all sorts. The individual doesn’t speak for the group. Don’t let the words or actions of a single protester represent the entire movement.

    The Occupy Movement is just full of a bunch of “dirty, unemployed, pot-smoking hippies”.
    -Those may be the most visible types but they’re hardly the only ones. Check out this tumblr to see how varied the supporters are: http://wearethe99percent.tumblr.com/

    The protesters are just looking for a government handout.
    -I’m honestly not sure where this came from. How does wanting more regulations on corporations and more control over your politicians translate to “wanting a handout”? I suppose there could be some individuals in the group who are looking for that sort of thing but that isn’t what the Movement is about.

    You’re not the 99% to the rest of the world *you’re* the top 1%.
    -Because others are suffering more does that mean you can’t fight for a better life?

    Why are they doing this? It wont change anything.
    -It’s attitudes like this that help maintain the status qou. Thankfully there are still others out there who believe otherwise.

    • Alliance to Restore the Republic of the United States of America says:

      Thanks for this. I wish someone would make these points to all the confused media blokes who can’t seem to think outside their usual box to understand what’s going on.

  38. pythonspam says:

    I have a BOA checking/savings account that will be closed this month.
    I got it because it was an actual free (student account), and now have a WellsF. (formerly wachovia, formerly Southtrust) that might be closed soon too.

  39. sumocat says:

    My CU made too much money last year thanks to a surge in home refinancing. Had to pay a dividend to the share account holders. Experience that once and you’ll never be lured to a big bank again.

  40. yellowwallpaper says:

    Does anyone know if I can transfer a mortgage? I didn’t initially get my mortgage from BoA, but they bought it, and now I seem to be stuck.

  41. Mr. Bill says:

    The 1% do not put there money in the bank the own bank stock.

  42. excentric says:

    Did this several years ago, after several buyouts of my original bank, with accompanying cost increases for every banking task I did. I now bank with a local savings bank.

  43. abberz3589 says:

    I closed my BBVA Compass account months ago and moved to the credit union on campus, but I’ve been putting off closing my Suntrust account- it’s got less than 5 bucks in there, I keep forgetting about it.

    Guess I now have a day to do it and it might mean something!

  44. Psychotronic says:

    Just looked into this and all of my local credit unions have interest rates just as lousy as my current Chase accounts. Why bother? If it doesn’t save or make me more $$$, it’s not worth my time or hassle.

  45. ridgerat says:

    Remember folks, nowadays it is all about market share. Although you might think that by moving a few dollars from A to B will mean nothing, it actually will. There are reports given daily to the head honchos. If dollars are moved away from a particular bank, they will know, and notice.

    Also, many companies now make direct-deposit to pre-paid debit cards available for employees. Going this route, at least for a while, may make the banking industry, take notice as well.

  46. derrtay says:

    Does this include credit accounts (credit cards, loans, etc.) or deposit accounts? I can’t really cancel my cc’s with Chase/citi right now. What effect does having a cc from the Credit Union have instead of a bank such as chase? I know Visa/MasterCard will still profit if my CC is with the credit union, Right?

  47. brianisthegreatest says:

    Thanks for having facebook filter the link?

  48. Preen says:

    I will be closing my account with citibank on or by Nov. 5. They’re about to charge me $15 a month if I don’t keep over $6,000 in my checking account!! What’s a better statement, waiting till Nov. 5 for dramatic effect or sooner just to be done with them?

  49. Chewbacca8ft says:

    I’ve been doing this for ages but i gotta ask will always taking your money out of the bank to have as cash while having only a small amount remaining in the bank account be anywhere as effective as changing accounts? I know doing that won’t exactly send a message of protest but it makes you have control of your money and done on a larger scale means that the banks will have less money in their system.

  50. MM says:

    I moved a good portion of my money to a credit union a few months ago when I found out watching 60 Minutes that my bank was involved in fraudulent foreclosure signings. However, I did keep a portion of my cash in the old bank, mainly because I had a number of paper checks left, and their ATMs are more convenient to my house. Also, my credit union didn’t have overseas ATMs that I could use without charge. I still feel kind of guilty for not leaving the bank cold turkey.

    My hope is that credit unions will become powerful enough to have ATMs all over that can be used instead of those belonging to the big banks.

  51. MM says:

    More thoughts…Seems to me it would be more important to get that credit card account moved to a local bank or a credit union, which I haven’t done.

    Also, among the advantages of a credit union is that opening a savings or checking account with them allows you to borrow from them too. I just refinanced my auto loan from Chase with my local CU and saved 1.75% interest–about $40 a month.

    The thought of a dividend if the credit union earns “too much” is great!

  52. Go9ers says:

    The whole idea is to send a message but if the 100 or so million idiots using the mega banks just want to follow along blindly like a bunch of sheep, I guess they will. And to the fools that think this is a bank run, you’re the biggest idiots of all and probably work for one of those mega’s. This is all about waking up people! For God’s sake, are you just going to bend over and let this happen? Let these banks charge you for accessing your money? When they throw millions into advertising at the baseball stadiums and every other commercial you see is about how they’ll pay you back for using their card? You’re pathetic if you have to have a reward for using your credit card or move your account.

    Don’t you know that the mega banks don’t give a rats ass about any of their customers. What they really care about is their shareholders!

    Not to mention some of the mega’s continue to open call centers outside the U.S.! You’re money could be being handled by someone in the Philippines soon!

    So go ahead. Stay with your mega bank, fools. Just because you can find more atm’s. What a stupid reason. If you have a debit card, you always have cash anyway. Good luck suckers!

  53. Belle says:

    Wow, I’m surprised there were actually comments still going on in this article. I just wanted to say I applied for a credit union account today and I hope to be able to use it as our main account by November 5th.

  54. I Love Christmas says:

    If you’ve ever had a bank’s loss prevention arm to withdraw $ from your account to satisfy over draft protection fees, etc. don’t count on a credit union allowing you to open a checking account. Such an action is recorded with an out fit called Check Services. Credit unions are generally too conservative to allow anyone to open an account with this negative mark against them. This can stay on your record for up to 7 years. It is used alot like a credit report.

  55. I Love Christmas says:

    If you’ve ever had a bank’s loss prevention arm to withdraw $ from your account to satisfy over draft protection fees, etc. don’t count on a credit union allowing you to open a checking account. Such an action is recorded with an out fit called Check Services. Credit unions are generally too conservative to allow anyone to open an account with this negative mark against them. This can stay on your record for up to 7 years. It is used alot like a credit report.

  56. I Love Christmas says:

    Credit unions are extremely conservation. Not all of you will qualify for account services.