More Than 78,000 People Say They'll Move Their Money from Big Banks to Credit Unions Tomorrow

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Tomorrow marks the event created by L.A. gallery owner Kristen Christian, who, tired of bank fees and her treatment at the hands of Bank of America, as well as the behaviors of the big banks overall, decided that she would transfer her funds to a credit union and invite others to do the same. She called the day "Bank Transfer Day," and scheduled it for November 5. Currently nearly 80,000 people say they'll be moving their money, via the event's Facebook page. The Christian Science Monitor reports that "already 650,000 people across the country have joined credit unions in the past four weeks."

Christian's event was first assumed to be an Occupy Wall Street related endeavor. In a disclaimer on the Facebook page, she clarifies:

While the Bank Transfer Day movement acknowledges the enthusiasm from Anonymous and Occupy Wall Street, the Bank Transfer Day movement was neither inspired by, derived from nor organized by Anonymous or the Occupy Wall Street movement, and the Bank Transfer Day movement does not endorse any activities conducted by Anonymous or Occupy Wall Street.

Occupy Wall Street spokesman Patrick Bruner had told us back in October that "I believe that we will most likely choose to join in." Now there are various Occupy-Wall-Street affiliated groups promoting things like "Move Your Money Day" and other iterations of the same idea.

Despite Bank of America's recent retraction of a monthly $5 fee for customers' use of debit cards, people on the Internet still seem ready to make this move in fairly substantial numbers.

Christian told us, of the $5 backtrack by B of A: "I think [this] further illustrates my point that the CEOs are completely out of touch with the American public. This movement was never about the fee itself, but the principle behind it."

Meanwhile, Reuters points out that some of the smaller banks see this day as a marketing opportunity.

Previously: Kristen Christian, Who Created 'Bank Transfer Day,' the November 5 Bank Boycott, Tells Us Why

[JDoll / @thisisjendoll]

Go to Runnin' Scared for all our latest news coverage.

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8 comments
Yumyumerik
Yumyumerik

 Are you aware that Wall Street is the manifestation of communism in America. Are you interested in documentation confirming that statement?

Jackjnyc
Jackjnyc

None of the OWS people have money so this strategy will have no impact on the banks.

ENOUGH
ENOUGH

Seriously ANYONE who banks with BOA deserves to have their money stolen! They have the highest fees of them all! Heck they might as well charge you $5 to walk in the bank, $5 per phone call, $5 per purchase, $5 per each $10 you spend. BOA are as s holes (bailout money spent on cheryl crowe concerts, enough said!)  and deserve to go bankrupt.

CreditunionsNOW
CreditunionsNOW

I tried today but was turned down: I'm not a teacher and I don't qualify in the other categories they had! :(

space_cowboy
space_cowboy

Try harder.  Family member who's a teacher qualifies you.  Take a class at a community college, join, then drop the class.  There's about a million tricks.

The space_cowboy strikes.

NativeSonKY
NativeSonKY

Even a McJob is almost impossible to get if you don't have good credit! And if you're out of a job your credit probably stinks, like mine. For a good description of the problem in 1:30 mins, check this: http://youtu.be/JGeOUmLeeO4 And if that makes sense, check this!

Please Sign and RT petition @WhiteHouse.gov to stop credit scores from barring people from employment- http://wh.gov/b0v

There are ways to change things for the better. I haven't got a lot of sigs yet on this and I suspect it's because a lot of people don't WANT to take the time to register for the petition site. So, if people at Occupy in the north can freeze the bums off, and people in Oakland and Seattle suffer through teargas and rubber bullets, how much of a sacrifice is it to register for a website!??

I'm still waiting for a LARGE outpouring on this idea because I DO think it makes a difference. Watch the video - sign the petition.

John Hampton@NativeSonKY at twitter8.25/hr. worker in Kentucky and glad to even have a job!

Tuxtux87
Tuxtux87

ok guys i used to work for bank of america in San Jose Costa Rica , specifically in the credo card department , and i do know what I am writing here. Bank of America is exploiting their employees in San Jose Costa Rica , they are making them work long hours whiteout no rest at all , and paying them very miserable salaries, These people are a bunch of scumbags i HATE them and despise them with all my guts! they are making their employees take an overwhelming amount of calls per day, An average customer service representative takes around 350 calls in a 7 hours day shift!!!!  these sons of bi**ches are burning in hell , they are the worst company here in San Jose Costa Rica to work for!! they are slavering people here!

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