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A New 99% Movement The Occupy Wall Street has directly spawned another movement -- the Bank Transfer Day Protest. Simply put, this movement pushes for people to move their money from their bank accounts with the big "greedy" banks into smaller, more service-oriented non-profit banks. And this time, this has the potential to actually hurt the very people Occupy Wall Street was targeting, the 1% running the big banks. Of course, there could be unexpected repercussions and some of them could come back to bite the 99%. Now we just need to wait and see who will actually join the bank transfer bandwagon, how many and how much money will actually be moved. Who, What, Why: Bank Transfer Day, Nov 5 Bank Transfer Day was the brainchild of one Kristen Christian, a fellow 99 percenter, She is an art gallery owner from LA and her social-media driven protest movement is currently trending. As of this writing, its Facebook Page has 25,000 people liking it and an additional 16,000 talking about it. The FB Event Page itself, has now over 62,000 confirming their attendance or participation. Straight from its FB page, the movement writes: "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 to non-profit credit unions on or by 11/05, we will send a clear message to the 1% that conscious consumers won't support companies with unethical business practices." Why November 5? It was reported that Ms. Christian chose November 5 because of the connection it makes with the celebration of Brit folk hero, Guy Fawkes. The movement's FB Page displays a Guy Fawkes Mask, as in the V for Vendetta movie. On the 5th of November in the year 1605, Fawkes, a member of the Gunpowder Plot, was captured while guarding explosives placed beneath the House of Lords in an attempt to blow it up. Bank Transfer Day Going Viral The Credit Union National Association (CUNA) has reported not only a significant bump in online searches for credit unions but they are reporting that credit unions are receiving new bank accounts at an unheard of pace since the start of October. Bank of America to Blame? CUNA is saying that this trend started at the end of September when Bank of America announced they will charge a $5 monthly fee for BoA depositors to continue using their debit cards. Other big banks are also going charge the same fee soon but didn't publicly announce them because of the outrage on BoA. Enough is enough, cried the Occupy protestors. And it is as if, the Occupy Wall Street Movement isn't gaining momentum already all across America and around the world, Bank of America had to stoke their passions even more. How to Transfer Banks? Here are the steps this new movement is recommending to any big bank depositor in order to switch banks. 1. Research your local credit union options 2. Open an account with the one that best suits your (individual) needs 3. Cancel all automatic withdrawals and deposits (on your current bank account) 4. Transfer your funds to (your) new account 5. Follow your bank's procedures to close your account on or before 11/05 To get started, visit this site. Questions You Might Need To Ask In Choosing Your New Bank 1. It is member-owned, not-for-profit, or a cooperative financial institution? Which a credit union should be. 2. Can I access this credit union anywhere? 3. How easy is it to deposit or withdraw my money with this bank? 4. Are their ATMs free to use? 5. Can I do Online banking? Most people who have yet to try a credit union would be pleasantly surprised that all these and more of their concerns are addressed by a credit union right in their neighborhood or those near their school or workplace. So are you ready to make the switch? Bank Transfer Day Facebook Page Finding A Credit Union In: the USA: http://www.findacreditunion.com/ Canada: http://locator.cucentral.com/ the UK: http://www.findyourcreditunion.co.uk/ Related News: Bank Transfer Day: Technologists Say Thousands Already Switching CUNA Times, October 21 Occupy LA Associated Content, October 7 |
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