‘Bank Transfer Day’ Causes Credit Union Buzz

[marmar]

Published on Monday, October 10, 2011 by Credit Union Times
‘Bank Transfer Day’ Causes Credit Union Buzz

by Jim Rubenstein





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. ...............(more)

The complete piece is at: http://www.commondreams.org/headline/2011/10/10-9

[CoffeeCat]

1. My macroeconomics professor said it best...

"Dollars are votes!"

You vote with your dollars--and those dollars determine which companies and products STAY and which companies and products FAIL.

[Marie Marie]

2. We were too early. Just today, we pulled our money out of a

local bank and put it into a Credit Union. Even though we were banking with a small, locally owned bank, they too, were starting to hit us with fees and service charges that cost us more than the interest they were paying us. Enough!

[rhett o rick]

4. I was early also. I have had my money in a local CU since 1968, nm

[rhett o rick]

3. Look for legislation to ruin credit unions. nm

[liberalla]

5. Good idea...

I already set up a secondary account at a local CU, but I haven't closed my main one with Wells Fargo. I've been thinking about doing it, though. Having a specific day to do it and send a message to big banks is motivating.

Good idea. Thanks. :)

[Dawgs]

6. Link for facebook page that started this movement inside.

http://www.facebook.com/event.php?eid=281139538577206

[Obamanaut]

7. Many additional responses at this earlier thread ->

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=439&topic_id=2091796&mesg_id=2091796