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Forum Post: NOVEMBER 5TH BANK TRANSFER DAY. PASS ON

Posted 3 years ago on Oct. 4, 2011, 1:44 p.m. EST by clicheguevara (1) from Blue Island, IL
This content is user submitted and not an official statement

November 5th 2011 BANK TRANSFER DAY A sweeping movement to get everyone to take your money out of banks and put it into credit unions. THE POWER OF NUMBERS WILL SEE A SIGNIFICANT DIP. If we can do it all at once we can send a clear message! Start now by encouraging Credit Union speakers to attend Occupy ____ events and educate participants. Pass this on. November 5th. SHARE http://money.howstuffworks.com/personal-finance/banking/credit-union.htm

39 Comments

39 Comments


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[-] 1 points by Markus1985 (1) 1 year ago

Please, occupy Cyprus now! With this finance situation now in Cyprus it's just unbelievable!!! They try to take our money! It's unbelievable situation in Bank niche! Now we even can't get a loan until payday! Occupy Cyprus! More on my blog: http://loan-until-payday.com

[-] 1 points by rodney (1) 2 years ago

THE WILL OF THE PEOPLE:

Last November 5th, OCCUPY called for the support of all members to CLOSE accounts at Big Banks affiliated with the democratic and republican parties... and transfer all of their money into NON POFIT CREDIT UNIONS.

That week the BIG BANKS (Bank of America, Morgan, CityBank etc) lost 90 BILLION dollars, from customer lock down.

These were the banksters who tanked the economy and destroyed the nation’s wealth likewise received blanket immunity. The “stimulus package” given to financial elites was many, many times bigger than the one the rest of us had to share, locking in the material ruin of the working class. All thanks to Obama mind you. (Romney will be no different)

These companies and banks aren't concerned, they are terrified because people are finally waking up! The only way to destroy a Giant Monstrosity is to STARVE IT TO DEATH.

This November 5th, close your account with BIG BANKS.

[-] 1 points by adrianjill (1) 2 years ago

I recently joined the credit union and found the services or benefits it offers meet my needs. We love credit unions. We really do. And we help them grow through innovative strategy, design, technology and marketing.

Thanks, http://thirdstream.ca/

[-] 1 points by emorgan (1) 2 years ago

I would love to move my money to a credit union but the problem is they don't have many ATMs.... so what do I gain? Whatever you situation, think it all the way through. This movement thing does not make sense for everyone and in the end you may end up hurting yourself. I am also tried of hearing how the BANKs are to blame for everything. The certainly deserve their share of the blame but The big banks paid EVERYTHING back with interest and in the end the tax payers MADE money on the BIG banks. We need to FIX the government who was TOTALLY responsible for regulating the Banks. THEY can't seem to stop spending tax payer money. Constantly looking to raise taxes and people are more upset about a 5.00 debit fee?? Just amazing.. http://ameriloansearch.com/news/credit-union-hit-record.html

[-] 1 points by gagablogger (207) 3 years ago

And just so you know, often people will think they can't join a credit union for some reason or other. But here's a good example of why you need to just call them and ask: Our local university's is called the University Employees' Credit Union. Obviously you'd think they only allow employees of the U to join, but they actually allow anyone that lives in the county!

[-] 1 points by HappyLove (143) 3 years ago

Those credit unions sure are interesting

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[-] 1 points by SciFiChickie (5) from Chesapeake, VA 3 years ago

I work at ABNB Federal Credit Union in South Hampton Roads in VA. To become a Member you need to Live, work, go to school, or worship in South Hampton Roads VA. We have a FREE Rewards Checking account that you can earn 2.5% interest on the 1st $20,000.00 if you 1. Use your Visa Check card at least 12 times each Statement cycle 2. Have a Direct Deposit, or Auto Draft payment each month. 3. The account is set-up automatically for E-statements (Paperless). You also are given back the 1st $25.00 in ATM fees at the end of each statement cycle. PS. Don't apply online, Go into the Branch to open your account (it takes 2 Business days to open an account online).

[-] 1 points by SciFiChickie (5) from Chesapeake, VA 3 years ago

I work at ABNB Federal Credit Union in South Hampton Roads in VA. To become a Member you need to Live, work, go to school, or worship in South Hampton Roads VA. We have a FREE Rewards Checking account that you can earn 2.5% interest on the 1st $20,000.00 if you 1. Use your Visa Check card at least 12 times each Statement cycle 2. Have a Direct Deposit, or Auto Draft payment each month. 3. The account is set-up automatically for E-statements (Paperless). You also are given back the 1st $25.00 in ATM fees at the end of each statement cycle. PS. Don't apply online, Go into the Branch to open your account (it takes 2 Business days to open an account online).

[-] 1 points by OurTimes2011 (377) from Arlington, VA 3 years ago

According to the organizer, "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 this date, we will send a clear message to the 1% that conscious consumers won't support companies with unethical business practices.

• Research your local credit union options • Open an account with the one that best suits your needs • Cancel all automatic withdrawals & deposits • Transfer your funds to the new account • Follow your bank's procedures to close your account before 11/05" http://www.facebook.com/event.php?eid=281139538577206

Here is what I suggest: Do not move all of your funds. To put this big of a strain on the system may be irresponsible. Move some of your money out. Just opening an account will send the signal we need.

To find a Credit Union: http://www.findacreditunion.com/ http://locator.cucentral.com/ http://www.findyourcreditunion.co.uk/

[-] 1 points by mama57 (2) 3 years ago

No matter whether you view it has evil or not, what will next week bring in the financial world, and in the general world as we know it, if all of the "Evil" big banks tank in the stock market and the bottom drops out. Anyone studied history?? What happens if this actually brings about a "Great Depression" that makes the decade long one last century seem like a walk in the park? The "MASSES" mindset may not always mean that it's correct. THINK AS AN INDIVIDUAL FOR JUST A MOMENT!!!! WHAT IF???

[-] 1 points by mama57 (2) 3 years ago

No matter whether you view it has evil or not, what will next week bring in the financial world, and in the general world as we know it, if all of the "Evil" big banks tank in the stock market and the bottom drops out. Anyone studied history?? What happens if this actually brings about a "Great Depression" that makes the decade long one last century seem like a walk in the park? The "MASSES" mindset may not always mean that it's correct. THINK AS AN INDIVIDUAL FOR JUST A MOMENT!!!! WHAT IF???

[-] 1 points by Demian (497) from San Francisco, CA 3 years ago

Me and my girlfriend are moving our money on the 5th. I am actually going to open my credit union account tomorrow but I wanna wait till the 5th so I can help to make this statment. I can't wait to walk into Wells fargo and shut my account down!

[-] 1 points by IamI (1) 3 years ago

Go ahead, listen to your friends. Move your money. Blame the "Big Banks" for everything. Better yet, why not do some research on how the whole "Bailout" actually worked. Oh, and then look and see who paid those funds back first (At the earliest time that the Fed would allow, I might add)! Also, take a look at a couple of other factors: 1) Where are you taking your $$$? 2) Who did you vote into office? 3) Are you REALLY being charged fees that you wouldn't be charged somewhere else? 4) check out some of the legislature that the person from # 2 put into effect & 5) How do you think REALLY think Credit Union's are able to offer "free" accounts. & for extra credit...Do you really think that it doesn't somehow fall on the "member" ? At least with a "Big Bank I can buy stock in it (which by the way, also makes me a part owner). Sounds a bit familiar doesn't it?!?!

[-] 1 points by mdigby (1) 3 years ago

I am not able to join a Credit Union. I am disabled and need my bank close to me. But here in El Cerrito, CA (right next to Berkeley CA) there is a bank called "Mechanics Bank".A small local bank. They let you use any other banks ATM's and refund the amount to your account. Also, real humans answer the phone when you call (first time it happen it actually scared me! Real humans!). Also they made few bad loans because they keep their loans. So no bailout money was ever used by them.

My wife will move her account out of Citi on Nov. 5, she feels that to wait till the day will have more impact. I already moved my account.

[-] 1 points by Karmalicious (5) 3 years ago

Excellent am starting to promote all over Colorado & I just joined a credit union yesterday (planned to do at beginning of this movement just did & the banker actually told me about this day). I suggest everyone set up a credit union now. Then transition everything that you get direct deposited and automatic withdrawed in the next week and then close accounts on the 5th (it is more of a process than a one day thing...but 11/5/1// is a great date to be done with your bank or to promote many others to do this. As soon as they open the credit union they will see all the perks, lots of free atm's and they will give you a transfer of money packet.

[-] 1 points by CompanyInkonFacebook (1) from Portage, MI 3 years ago

http://www.findacreditunion.com/ - perhaps this can help those who aren't sure what a credit union is or where one is near you...

[-] 1 points by ashneyB (2) 3 years ago

Critics of Occupy Wall Street claimed the protest was missing focus, and Occupy Wall Street has responded, reports The Street. The focus is now “Bank Transfer Day,” where customers can transfer their cash out of large banks in what would prove to be a more potent form of demonstration against the establishment. <a title="Occupy Wall Street introduces Bank Transfer Day" href="http://personalmoneynetwork.com/moneyblog/2011/10/12/bank-transfer-day-nov-5/">Occupy Wall Street introduces Bank Transfer Day</a> where customers of banking monoliths are being encouraged to withdraw all funds, close their accounts and move to smaller banks and credit unions.

[-] 1 points by leftistperson (95) 3 years ago

Credit Unions are interesting institutions. When a Credit Union registers a profit, this profit is not appropriated by the "owners" like in a regular bank. The profit is 100% reinvested in the institution. People should move their money to local Credit Unions.

[-] 1 points by freef111 (2) from Watertown, MA 3 years ago

Also, to those who express fears that this will cause a repeat of the depression... a run on the banks. As many have explained, this is not at all the same situation: the cash is staying in circulation in the system... it's just changing hands... the big banks w/ all their cash (in particular from our bailout) are NOT loaning it out any way... they're sitting on it. The smaller banks will loan out and will do so to small businesses... this is all good. TAKE YOUR CASH OUT THE BIG BANKS AND LEAVE IT OUT!

[-] 1 points by freef111 (2) from Watertown, MA 3 years ago

I took my cash out of big banks years ago--at a time when medium-sized banks were buying each other in order to get bigger. Buy-out after buy-out meant notices of changes, in particular in fees... I finally bagged out and took my money to a local bank--I also have accounts at a few credit unions. Have been happy and fee-free ever since. Indeed my local bank also offers competitive rates and my mortgage has been w/ them for years and have been able to refinance to get a shorter term and save large amounts on the life of my loan. SO DO IT. Whatever you might think will be a hassle will WELL be worth it.

[-] 1 points by cmt (1195) from Tolland, CT 3 years ago

My daughter's moving to a credit union. BoA has her kind of trapped, because she owes them money, and they will call the loan if she closes her accounts. So she's stuck paying them fees on her BoA account until she can pay it off.

I've been in a credit since I became eligible, long ago. Some types of enterprises are better if they are non-profit, I think. Then they actually serve their customers.

[-] 1 points by FourFreedoms (3) from Half Moon Bay, CA 3 years ago

I've been a member of credit unions for 35 years - non profits - great services - do all my consumer banking there, no to very low fees, great rates, got my home loans through them. I have my small business accounts there too. GO FOR IT!

[-] 1 points by charliesez (1) from Bronx, NY 3 years ago

Funny coincidence...just joined a credit union. Hadn't thought about closing my Chase account, though...seems like a damn good idea, though.

[-] 1 points by ehmkinsey (2) 3 years ago

please visit tinyurl.com/nov-fifth to RSVP at the official event page. Also find flyers there to print and pass out at your local OW. Props to my girl Kristen Christian for this fabulous idea.

[-] 0 points by sppratam (-14) 3 years ago

Transferring to a credit union just keeps your money in the hands of the 1%.

http://blogs.reuters.com/felix-salmon/2010/09/24/when-credit-unions-fail

While you or I might belong to a friendly local credit union with human members, that credit union, in turn, is itself one of the members of a corporate credit union.

[-] 1 points by gagablogger (207) 3 years ago

Credit unions are locally owned by members. They are not-for-profit cooperatives whose purpose is to serve members on Main Street, not stockholders on Wall Street. They don't have stockholders and they don't gamble with people's money. They don't participate in high risk loans.

[-] 0 points by sppratam (-14) 3 years ago

[T]he fact is that pretty much everybody in the country who’s a member of a credit union will be affected in some way by the implosion of the five big corporate credit unions. They got away with things that most credit unions could never dream of — things like investing billions of dollars in subprime securities, for no obvious reason. When that trade blew up, thousands of responsible small credit unions ended up being socked with enormous losses.

[-] 0 points by jgmoore (0) 3 years ago

Check out www.myconsumers.org - free checking with 4% interest, ANYONE can join regardless of location or affiliation. Need 12 debit transactions per month. Or check other 'kasasa' credit union or community bank accounts: https://www.kasasa.com/explore

[-] 0 points by Nessen7 (0) 3 years ago

I think it`s also important to maintain check if those credit unions where you suppose to put your money are really democratic and fulfil their name.Otherwise what we could get is a wolfs in a sheeps clothing.For example there should be regular elections of a credit union executive director and the RULING board.And it should be real elections in which every member could participate.Otherwise it could become just profanity.There also should be transparrent accounting and each member of a credit union could see what is sallaries of directors and where each penny is going.So you should demand full democracy withing your credit union.

[-] 0 points by Nessen7 (0) 3 years ago

I think it`s also important to maintain check if those credit unions where you suppose to put your money are really democratic and fulfil their name.Otherwise what we could get is a wolfs in a sheeps clothing.For example there should be regular elections of a credit union executive director and the RULING board.And it should be real elections in which every member could participate.Otherwise it could become just profanity.There also should be transparrent accounting and each member of a credit union could see what is sallaries of directors and where each penny is going.So you should demand full democracy withing your credit union.

[-] 0 points by stabboon (2) 3 years ago

Excellent

[-] 0 points by theOnlineGovernmentDotcom (97) 3 years ago

I'm in!

[-] 0 points by chillannyc (10) 3 years ago

I really like this idea.

[-] 0 points by AN0NYM0US (640) 3 years ago

You got my vote

[-] -1 points by moriokun (-1) 3 years ago

DON'T DO THIS!!! You will only speed up the collapse of the economy. Bank Runs was a major contributing factor of the failure of the banks in the early days of the Great Depression in the 1920/30's

[-] 1 points by ehmkinsey (2) 3 years ago

We are not removing our funds from the system, we are moving them from a for-profit bank to a not for-profit bank. There are only 5 national banks in the US. Collapsing them is nearly impossible, we just want to make them smaller and more responsive to their customers.