Thursday, October 13, 2011

Bank Transfer Day

In the spirit of the fifth of November, a woman named Kristen Christian has organized a facebook page called "Bank Transfer Day":
"Together we can ensure that these banking institutions will ALWAYS remember the 5th of November!! If the 99% removes our funds from the major banking institutions to non-profit credit unions on or by this date, we will send a clear message to the 1% that conscious consumers won't support companies with unethical business practices.
• Research your local credit union options
• Open an account with the one that best suits your needs
• Cancel all automatic withdrawals & deposits
• Transfer your funds to the new account
• Follow your bank's procedures to close your account on or before 11/05"
It is an engaging idea at first  glance: pump money into your local credit union and away from multi-national banks. After all, who wouldn't consider doing this after reading the information that resulted from Bloomberg's long sought FOIA on the activities of the Federal Reserve's discount window during 2008 and 2009:

Or maybe you are just tired of getting stuck with debit card fees and high overdrawn fees?  Or maybe you just finished Phil Angelides and crew excellent report on The Financial Crisis: Inquiry Report and haven't been able to stop vomiting? Or maybe you are just really upset that high rolling corporate men like the Koch brothers can "flout the law" and unduly influence grass roots political movements?

Or maybe you are one of tens of millions in the ranks of the permanently unemployed, your family has been through bankruptcy and you have lost your home due to foreclosure. Oh yeah brothers and sisters, you just might be one of those...In any event, "Bank Transfer Day" might be for you.

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