Thursday, November 03, 2011

Bank Transfer Day November 5

(This post first appeared on October 11, and is reposted to reflect the growth of the movement, which has seen 650,000 credit union accounts opened in the past four weeks -- as many as in all of 2010. Mine is one of them. Make yours one tomorrow or Saturday.)

Now this would be a statement.

Even with most credit unions closed for Columbus Day there was plenty of online buzz, and uncertainty, about what the credit union industry role might be on “Bank Transfer Day,” the latest event surfacing from the “Occupy Wall Street” protests.

Industry sources, speaking off the record, suggested any wholesale switch from large banks to CUs on Nov. 5, the day designated by one Californian and carried aTwitter Monday, could conceivably put net worth ratios out of whack.

The balance sheet problem was raised by several industry officials as a potential hazard as online articles focused on what “Occupy” supporters are calling now for a specific action to underscore their complaints against big banks and corporate greed.

For the record, Mark Wolff, CUNA senior vice president-communications, said only that the trade group welcomes the idea of “a viral 'Bank Transfer Day'” since it shows “just how angry consumers are becoming with their treatment by big banks” and will now look at CUs.

CUNA said its Facebook posts have already witnessed big jumps in traffic on There also have been big gains on

I first saw this as a movement at least a year ago at the Move Your Money Project.

Wire service reports Monday identified the ringleader of “Bank Transfer Day” as Kristen Christian, a 27-year-old Los Angeles art gallery owner who said she is not affiliated with the Occupy Wall Street protest, but that demonstration organizers had reached out to her to express support.

Christian reportedly chose Nov. 5 because of its association with 17th century British folk hero Guy Fawkes, who tried to blow up the British House of Lords but was captured on that day.

A Facebook page for the event states that "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."

I'm in. How about you?

1 comment:

Unknown said...

I'm in.

The funny thing is, not even five minutes ago, I was thinking about moving my money - not for any ideological reason but just because I need to do it.

Now I have an end date in sight.

November 5 it is!