WG/Strategies/Direct Action/Bank Transfer Day

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Move Your Money Public Discussion on Wednesday 11/2 at 7PM in General Assembly Area

Move Your Money / Bank Transfer Day
Saturday - November 5, 2011

If the 99% removes our funds from the major banking institutions to non-profit credit unions on or before November 5, we will send a clear message to the 1% that conscious consumers will not support institutions with unethical business practices. Bank of America, CHASE, and the other big banks are so large and behave so irresponsibly that they put our entire economy at risk. The American people have already had to bail them out once, and the bank's actions have not changed. Our logical response at this point is to move our money.

There are dozens of Credit Unions and small, local banks near you. Many will reimburse you for ATM fees (so you can keep using the ATM locations your accustomed to), and none of them will charge you debit card fees like those Bank of America is beginning to charge.

Take Action

It's surprisingly easy to money your money:

  1. Find a Credit Union or small, local bank * The credit unions and banks listed are not necessarily those that we recommend, but rather those found in your area
  2. ===Open an account at the Credit Union or small, local bank===
    • Order Checks and Debit Card
    • Ask your employer to reroute your direct deposit
    • Contact companies that direct-debit your account reroute their debits
  1. ===Transfer your funds to the new account on or before November 5===
  2. ===Follow your bank's procedures to close your account===
  3. ===Join us in Dewey Square to celebrate and march on Saturday, November 5===

If you have any questions, feel free to post them in the Discussion tab for this page, or email us at MoveYourMoneyBoston@gmail.com

NOTE: credit unions and small local banks have different legal structures, and the difference is a meaningful one. Credit unions are non-profits. Whether a bank is small and/or local, it is a for-profit institution. Size alone is not determinate. There are many other questions that need to be answered, for instance: 

  • Is the small, local bank part of a larger institution? Many small local banks have been bought by larger entities, retaining their small, local names - but not much else.
  • Where are key decisions made and by whom? 
  • How many of the bank's services are contracted out to larger institutions?

This is simply a point of clarification, not an attempt to influence anyone's decision.

Why Should We Move Our Money?

  • End Too Big To Fail - The big banks on Wall Street gambled with our money, then demanded a bailout of $700 billion. The size of these Wall Street "Banksters" threatens our economic system, yet their size has only increased since we bailed them out. According to FDIC data, the largest 5 banks held 13% of US deposits in 1994, today they hold 38%. If the government wont step in and break them up, then we must move our money ourselves and end "Too Big To Fail" once and for all.
  • Invest in Main Street, Not Wall Street - When you keep your money in a local financial institution, that money in turn is reinvested in local businesses, which is important for building a stable economy and encouraging local growth. Put your money in the big Wall Street banks however, and they will use your deposits to make risky investments, gambling at the expense of the economy as a whole.
  • Fewer Fees, More Savings - Worried about ATM fees? You shouldn’t be. More and more community banks and credit unions offer ATM surcharge-free networks, providing you with even more access to ATMs nationwide. Community banks and credit unions also charge on average less in fees, and often pay you higher interest on your accounts than big banks. The numbers are clear: the bigger the bank, the higher the fees.

Move Your Money Project

Based on: Bank Transfer Day at wikispaces