Bank Transfer Day November 5th – Are You Ready?

I just heard about this today.

There are evidently quite a number of folks planning to switch from the Big Banks to smaller, member owned credit unions on November 5th.

It’s Bank Transfer Day.

The description and goal of Bank Transfer Day is straightforward: If you currently have checking and savings accounts (deposit accounts) with a big bank, the organizers encourage you to remove all of your funds, close your accounts, and place your money in a new deposit account with a not-for-profit credit union.  The organizers ask that you do this by November 5. And since November 5 is a Saturday, you should definitely do it before November 5 since many big banks aren’t open on weekends. account with a not-for-profit credit union. The organizers ask that you do this by November 5. And since November 5 is a Saturday, you should definitely do it before November 5 since many big banks aren’t open on weekends.

The organizer, Kristen Christian has said, “I started this because I felt like many of you do. I was tired– tired of the fee increases, tired of not being able to access my money when I need to, tired of them using what little money I have to oppress my brothers & sisters. So I stood up. I’ve been shocked at how many people have stood up alongside me. With each person who RSVPs to this event, my heart swells. Me closing my account all on my lonesome wouldn’t have made a difference to these fat cats. But each of YOU standing up with me… they can’t drown out the noise we’ll make.”

I’m not against this at all… the only problem is that in the things I’ve read about it, I still can’t figure out why they chose November 5th, a Saturday!

Anyway, if you join in… here are some Steps to make Bank Transfer Day go Easily!