Remember remember the 5th of November @BankTransferDay
Local community banks saw an increase in account openings as a result of yesterday’s social media led Bank Transfer Day.
Saturday’s day of action swelled from a grassroots Facebook campaign, which was intended as a statement objecting to Bank of America’s recent proposal to charge a $5 monthly debit-card usage fee. As of Saturday, the Facebook page had nearly 82,000 supporters, and included links to help visitors locate credit unions in Canada as well as in Britain.
The Associated Press reports that non-profit credit unions have opened at least 650,000 accounts since roughly the beginning of the #Occupy movement, Sept. 1, 2011, and estimate that this has taken away about 4.5 billion dollars from big banks.
The largest credit union in the U.S., Navy Federal Credit Union, said there was a 38 per cent lift in new account openings in September and October compared to the previous year. The U.S. Consumers Union, the advocacy arm of the publication Consumer Reports, was backing Bank Transfer Day.
To find out more about moving your money, which I am sure it is not too late to do, check out the Move Your Money Project website.
Did you move your money, was it liberating? Leave a comment below!