Just a reminder: This November 5th is National Bank Transfer Day. Why not transfer to a credit union or a small, local bank committed to community investment instead of a large corporate bank that delights in crashing economies?
Since early 2011, I have been recommending that Death and Taxes readers (and those people whom our readers know) should move their money out of corporate banks like Bank of America, Wells Fargo and JPMorgan Chase. It seems that others have joined in the call to action with the designation of November 5th as National Bank Transfer Day.
National Bank Transfer Day has been publicized by both Occupy Wall Street and Anonymous.
Below are five good reasons to put your money in a credit union—paraphrased from my March 25th, 2011 article “5 Reasons to Put Your Money in a Credit Union.”
1. Fuck Convenience
Everyone always talks about convenience when it comes to commerce, and the same goes for personal banking. Well, fuck convenience. Walk, bike or drive a few extra miles to your nearest credit union or small, local bank.
“Convenience” is a corporate subversion and should be recognized as such. Life isn’t convenient. Ultimately, a more convenient banking location will not make your life any easier.
As I wrote in March, “There is nothing convenient about giving one’s money to the unethical, especially when it enables them to execute risky investments, lose it all and come slithering back on their underbellies to beg the middle class for bailouts. Yes, your money is an an enabler of bad behavior.”
2. Your Money Will Not Precipitate Economic Crashes
Credit unions, co-ops and small banks are not “too big to fail.” They are careful in spending their members’ money and use it to invest locally in community efforts.
3. Your Money Will Not Line the Pockets of Fat Cats
Your money does not go to an executive in a Manhattan penthouse and it does not finance a yacht in Saint Martins and pure Colombian cocaine off a Thai hooker’s bottom.
Credit unions “are careful in how they spread risk and will not precipitate economic crashes like that which we experienced in 2008: a crisis of big banks mingling financial tentacles and appendages with corporate insurance firms (see: AIG) and high-flying investors who have zero sympathy for the plebes.
Skeptics will say that transferring money from personal accounts will not truly effect banks because the real money comes from other sources like big investors and foreign capital. Well, riddle me this then, skeptics: Why has Bank of America had to resort to fees programs for more capital? That money is coming from very ordinary personal checking and savings accounts.
Credit unions exist to create a reasonable profit in order to remain solvent, not to enrich executives, boards and investors. Excess earnings, in turn, are used to offer members more affordable loans for housing and businesses, as well as lower fees.
4. You Will Be Part of a Union, With Voting Rights
Credit unions are member-owned and democratic, which means that each member has a vote and is able to run for the credit union’s board. This is a right you absolutely do not have at large, corporate banks.
5. No Financing of Unethical Business
Bank of America in December helped financed the sale of Erik Prince’s mercenary army Blackwater (now Xe), calling it a “growth industry.” Washington Mutual collapsed because of its exposure to predatory sub-prime mortgages and they were not alone in these practices. JPMorgan Chase, of course, took Jefferson, Alabama to the cleaners over predatory lending and derivative swaps for a proposed sewer project, which Rolling Stone’s Matt Taibbi covered in “Looting Main Street.”
Credit unions are far less likely that to take these sort of risks because, quite simply, they are not built to make such gambles.
Remember, remember the 5th of November is National Bank Transfer Day. So go forth and let the big national banks let you know what you think of them. And don’t just wait until November 5th—start today.
Indeed, there is already some indication that banks are backing off their fees programs in the face of popular discontent.
October 31, 2011 at 7:11 pm, Jay Gould said:
It’s important to keep in mind that credit unions may not be charging their customers any debit-related fees, but the fees they charge retailers accepting their debit cards are now much higher (83%, to be exact) than what big banks charge. The reason is that they were exempted from the Durbin Amendment.
So we should not be losing sight of the issue that got the whole thing started – the size of the interchange fees. The way I see it, the issue is a very simple one. If a fee charged by one bank to a retailer is considered too high, it should also be considered too high if any other bank charges it to that retailer. I just can’t see it any other way and I can guarantee you that retailers see it exactly the way I do. http://blog.unibulmerchantservices.com/credit-unions-muscle-in-on-big-bank-territory
October 31, 2011 at 11:17 pm, Yaya said:
I love you you guys don’t have the the ability to come up with a concept on your own, anyone ever hear of V for Vendetta. Instead you are following the eccentric view points of wealthy art dealer. Who is for all intensive purposes forming a cult like following, not against the financial system or principles. She is supporting other financial organizations small banks, credit unions etc. My wife works for a large credit union in Michigan and I hate to inform you but the upper management are bring home some massive checks, with some huge bonuses at year end. They are continuing to charge massive interchange fees and charge more fees than most banks. That’s right look at your credit unions fee schedule there are several fees you won’t see on banks fee schedule. For those of you that are tech savvy and like your mobile banking apps and an quality online baking system good luck. Kristen Christian you are just another flash that end up drinking the kool aide.
November 01, 2011 at 3:43 pm, None. said:
That stinks of a paid comment to me.
November 01, 2011 at 3:43 pm, None. said:
That stinks of a paid comment to me.
November 01, 2011 at 4:07 pm, Mitschea said:
Immediately discredited for saying “intensive purposes”. You’re a moron.
November 01, 2011 at 7:51 pm, bobsoper said:
I am a very happy customer of a local credit union. My credit card interest rate is about 10% LESS than my Chase card was charging; there are ZERO hidden fees, no minimum balance, and I no longer have to wait over 10 minutes (or pay a fee!!) to speak with a teller. PLUS: the money I deposit into the credit union stays in my community, rather than being sucked up into Wall Street bonuses.
As for mobile banking, my credit union has a great iPhone/Android app, with which I can do all my online banking. And I have access to several thousand surcharge-free ATMs all over the country.
I suspect that Yaya is just a sock-puppet for the banksters.
November 02, 2011 at 9:29 am, Rthompson0 said:
You saved me a lot of typing, Amen to all you said. I switched over 35 years ago.
November 02, 2011 at 1:25 pm, D. J. said:
As a matter of fact, I was hitting on transfers to credit unions and smaller banks in early 2011, long before Kristen Christian.
Look at the uplinks in the above article.
I didn’t drink her kool-aid. She probably drank mine.
D. J.
November 02, 2011 at 1:25 pm, D. J. said:
As a matter of fact, I was hitting on transfers to credit unions and smaller banks in early 2011, long before Kristen Christian.
Look at the uplinks in the above article.
I didn’t drink her kool-aid. She probably drank mine.
D. J.
November 02, 2011 at 1:25 pm, D. J. said:
As a matter of fact, I was hitting on transfers to credit unions and smaller banks in early 2011, long before Kristen Christian.
Look at the uplinks in the above article.
I didn’t drink her kool-aid. She probably drank mine.
D. J.
November 01, 2011 at 3:53 pm, Anonymous said:
Don’t forget the obvious benefit: protesting the big banks. Its getting cold outside, and the TV news is getting bored of protesters. A massive and synchronized run on the major banks is a major form of protest. In fact, transferring your money is literally an extension and support of the OWS protest.
November 01, 2011 at 4:47 pm, Sunkinchainsawart said:
What about US bank I’ve been with them for years and they’ve been nice. Are they O.K.
November 01, 2011 at 4:47 pm, Sunkinchainsawart said:
What about US bank I’ve been with them for years and they’ve been nice. Are they O.K.
November 04, 2011 at 7:34 pm, Devin said:
Amen, brotha! Check out this article: http://www.backpagemagazine.com/2011/11/04/oh-btw-bank-transfer-day-is-this-saturday-november-5th/