As you may have heard, the "Occupy" movement has declared November 5th Bank Transfer Day!
Consumers are asked to transfer their accounts from the large, greedy mega-banks like BoA, Citi, Wells Fargo, etc. Funds should go to Credit Unions - where you become a shareholder or to community banks. This grew out of recent announcements by big banks that they were going to start charging fees for debit cards and because of their home foreclosures and general anti-people approach to business- taking bailouts, record profits, bonuses, etc.
On a Today Show it was said that while some of these big banks are altering their initial fee plans-because of the outpouring of consumer anger-that they would now turn to fees in other areas. This includes charging a fee to talk to a teller, raising overdraft fees, increasing minimum balances and who knows what else.
Here is another reason to support "Transfer" day. Big banks are global and subject more subject to international events. Look at the Greek debt issue. Further, who really own these banks? If I wanted to bank in China owned bank, I'd go to China and open an account. Further, is it not the banking interests that are demanding public sector layoffs, cuts in regulations, higher taxes for the poor and middle classes?
Local banks are locally owned and controlled. They must have a good reputation or they won't survive. So if you have accounts at the large global banks, make your voice heard and send them the only message they really understand-Money Talks!