Credit unions feel the love in advance of Saturday's Bank Transfer Day

Together we can ensure that these banking institutions will always remember the 5th of November. If we shift our funds from the for-profit banking institutions in favor of not-for-profit credit unions before this date, we will send a clear message that conscious consumers won't support companies with unethical business practices. It's time to invest in local community growth!


(Actually, the creator of BTD says the event was created before there ever was an Occupy movement).


CO-OP Financial Services, the credit union-owned electronic funds network, has been running print ads in alternative weeklies across the country this week in advance of Saturday.


Members of Occupy Tampa have been talking up Bank Transfer Day for weeks. Activist Samantha Bowden, a USF student, told CL on Thursday that she intends to move her meager savings out of Bank of America. "


"It's not like I'm taking much money away ,but I am going to USF's Credit Union," she said. "I have a couple of accounts with student organizations..I was pleased to see that Bof A dropped their $5 charge for debit card users. I'm hoping that kind of pressure shows that actually affecting change is possible, and it's showing there's a presence for what we're doing.. forcing the hands of these institutions."

Although derided for a lack of a clear message, the genesis of the Occupy movement that began in NYC and has spread worldwide over the past six weeks has been anger at Wall Street and the U.S. financial system, and that includes the big banks such as such as BofA, Wells Fargo, J.P. Morgan and others.

One of the most specific goals of the movement in the past few weeks has been the campaign for people to move their money out of their commercial banks accounts, and put in them into credit unions.

An estimated 650,000 consumers have closed their bank accounts and opted for credit union membership over the past four weeks, according to Credit Union Journal, bringing the approach to Saturday’s Bank Transfer Day to a crescendo. Much of that came after BofA and the other banks announced a $5 monthly fee for using your debit card (since rescinded).

GTE Credit Union, for example, say their growth is up 35 percent for the month of October.

The leadup is to this Saturday's Bank Transfer Day, highlighted by its own Facebook page, which has this message:

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