Bank Transfer Day

November 5th has been designated Bank Transfer Day in which concerned citizens are supposed to switch from a big corporate bank to a local credit union.  It is considered to be a backlash against bad business practices, i.e. debit card fees. The initiative was organized by Arianna Huffington and other grass roots organizations that have since taken up the cause.

American media outlets are reporting that money in the billions have already been transferred. Credit Unions are reporting lineups.  CBC has crunched the numbers to 4.5 billion dollars in the last month, let alone today.

That’s one heckuva statement.

Canadians and the British are getting in on the action too. Except for me.

I have no money to move. Heck, I had to borrow money just to go out last night. If I had money to move I’d move it to the wine store for a fine bottle of Cote Du Rhone or perhaps some meat pies from The Beer Bros. I’d move it over to see The Rum Diaries. That would show those big city banks.

4 thoughts on “Bank Transfer Day”

  1. People have used banks because they made life easier (insurance, investments, pension plans etc.). They took on certain responsibilities for the public that the public in general wishes not to undertake. So if that isn’t working any more, take it back and do it yourself.

  2. I don’t think anyone is abandoning the bank system at all. They are dis-satisfied with hidden fees and $5.00 debit card fees which they feel is dis-honest and un-necessary.

    I culled this from the comment board on The Wall Street Journal, “So basically, when we were protesting big banks and complaining about the new fees, we get told to stop whinin’ and take our money elsewhere. When we decide to stop whining and take our money elsewhere, we’re called hypocrites and the haters find some other reason to cry about what we’re doing. You can’t please some people.”

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