November 5, 2011, Account Transfer Day (USA)

Hubris

Hey all,

Has anyone besides me heard about this yet? It's coming up fast, generating a buzz, and gaining momentum.

People who are tired of Big Banking, and have access to a credit union, are taking their money away from Big Banking to send a message that we are tired of their profit-mongering (Shame on you Bank of America, but hey, you were honest), among other things.

I took my money away from Big Banking around 20 years ago because they charged me to have an account below a certain amount, per check, and any other reason they could find, so I wised up then and never looked back.

Occupy Wall Street, and vacate Big Banking. Viva La Resistance! :rockon:

federica

Cool. I must move to America.

MindGate

Hmm. November 5th. Remember, remember the 5th of November. Clearly this chosen date has nothing to do with the gun-powder plot (Guy Fawkes), 4chan, or V for Vendetta. - Oh no, wait, it does. As much as I like the story of the gun-powder plot and the message its sends, I think this was a bad date to choose. Its gotten a bad rep recently because of all the 4chan "hackers" and such.

ThailandTom

lol money, makes the world go around doesn't it? Well, in the world that we have created in the past few thousand years anyway. I personally do not care if the whole economy in the US collapses, then the entire world's economy collapses, it would bring back a sense of normality, in fact I want it to happen, back to basics, no more fats cats and greed of great magnitude, see how those corrupt pigs in suits can handle themselves when everything comes crashing down

zombiegirl

if everyone moves away from big business banking, what would happen? why are credit unions better?

ThailandTom

I personally do not care about credit unions or banking or the economy, so sorry I cannot answer your question

DaltheJigsaw

if everyone moves away from big business banking, what would happen? why are credit unions better?

http://en.wikipedia.org/wiki/Credit_union
http://www.creditunionswork.org/why.php

Hanzze

As long as you also can bare the effects *smile* If you are well with then, there is nothing wrong.
Mostly people like to change, and if it is changed they like to change and after that, they like to change...
Not seeing that there own desire is there actually cause. Maybe we can change the world and keep or desires. Lets try it again *smile* We will find the "mad man" what ever it takes.

person

Recently my bank added a $6.95 monthly fee unless you keep a minimum balance of $1,500 or use direct deposit. I get that they're trying to go more electronic but I don't have the option of direct deposit for my checks so I've been intending to move my money. I think I'll do it Nov 5 then, thanks for bringing it up.

Tikal2012

I get free banking with US Bank because I'm a student. Woot!

Telly03

I like my bank

SeaOfTranquility

@zombiegirl
Credit Unions are set up as not for profit organizations sometimes referred to as co-operatives.

Corporations have their stated goal and purpose to maximize profits by any "legal" means possible. By definition their customers and their employees are only a means to an end.

zombiegirl

thank you for those of you who responded to my questions. i'm actually pretty happy with my bank but... mostly lazy. i have a checking, savings, and IRA that i would have to move, and that just sounds like a lot... at the moment. but! my girlfriend has bank of america which just decided to start charging some sort of ridiculous monthly fee and she's been looking into alternatives anyways, so i will bring this discussion up with her.

are there any negatives to going to a credit union?

Mountains

I've heard about it. Fortunately I only have accounts with two banks. One is a private bank, but it's locally owned (they know my name when I come into the main office downtown). The other is with USAA Savings Bank, which is a virtual bank owned by the non-profit USAA Corporation. I refuse to do business with any of the mega-banks.

Credit unions are another good choice if you don't have access to a local bank.

Mountains

are there any negatives to going to a credit union?

None whatsoever. For all practical purposes, it *is* a bank, only they don't bend you over the table.

zidangus

The UK has a credit union also, I believe it is the biggest in the world,

http://en.wikipedia.org/wiki/The_Co-operative_Group

I am thinking about changing to it in the near future.

B5C

I switched to a Credit Union after WAMU was eaten by Chase.

SeaOfTranquility

I've used a credit union for years.
Works just like a regular bank and deposits are insured through the FDIC.

For the most part they did not contribute to the mortgage melt down by lending money to anyone with a heart beat. They are member owned so take a little better care of the money. Fewer fees too.

Oh by the way the president of my old mortgage company just got 30 years in federal prison!

The following is a link to an article from the local newspaper where the company was located explaining what happened.

http://www.ocala.com/article/20110701/OPINION/110639972?p=1&tc=pg

bodhipunk

Just as an aside, credit unions and mutual banks are the result of the banking model first formulated by the anarchist/mutualist Pierre Proudhon, i.e. his concept of mutual associations and the People's Bank. This is why credit unions are set up as the non-profit aspect of mutual-credit banks, referred to as co-operatives.

Tikal2012

@zidangus I lived in england and worked at the co-op food for a year.

Tikal2012

It was cool.

Daozen

Corporations have their stated goal and purpose to maximize profits by any "legal" means possible. By definition their customers and their employees are only a means to an end.

Perhaps, but any half-decent management team knows that the best way to maximise profits isn't necessarily to treat your customers or employees like sh%t. Treat people well, reap the rewards.

Also, as a general point, "profit" (ie economic growth) is not inherently bad, in fact it has many good aspects. Like 100's of millions of people being lifted out of poverty in recent decades, for example.

Just playing a bit of Devil's Advocate: I DON'T think the current system is perfect, or FAR from it, but I also think people can lose perspective a bit when talking economics.

Namaste

Mountains

Perhaps, but any half-decent management team knows that the best way to maximise profits isn't necessarily to treat your customers or employees like sh%t. Treat people well, reap the rewards.

Funny, Wal-Mart doesn't seem to agree with you. They treat everyone like shit (especially their employees, and especially their female employees), and they still make gazillions of dollars.

Daozen

I won't argue with that. My point was just that it doesn't *have* to be that way, as many businesses now recognise.

Mountains

True enough. Would that there were more who did recognize it. Not to mention treating the earth the same way they treat employees....

ThailandTom

I have a thai account with no money in it, I have an english account with a student debt of over 12,000 pounds, which they won't be getting back as if it is not payed back after 9 years, it gets wiped. Also you have to be earning over 14,000 a year or so before you HAVE to start paying it back, me not even being in the country I have just forgotten about it to be honest. They won't see that money.

StaticToybox

I've been meaning to move my account over to the local credit union for a couple of years, but I've just been lazy about it. Probably won't do so on or before November 5th ether.

zidangus

It was cool.

@Tikal2012 nice

Telly03

Looks like it is indeed gaining momentum

http://www.foxnews.com/us/2011/10/31/new-bank-fees-drive-customers-to-credit-unions/