From the Associated Press:
Fed-up consumers planning for 'Bank Transfer Day'I know that back in 2008, many of the Occupy Wall Street 'protesters' were still in their nappies but still... Sheesh... The time to move was back in 2009 after all the bailouts. I moved business accounts, personal accounts and one estate management account from BofA and Chase over to a local Credit Union. I was administering my Mom's estate as well as overseeing my Dad's finances, there were also Jen and my accounts (personal and business). The time to send the message was when the Obama fishhook was being dangled in the banks mouths, not when the hook had been set and the bank gaffed and in the boat. If you catch my drift...
It's moving day for bank customers.
A grassroots movement that sprang to life last month is urging bank customers to close their accounts in favor of credit unions by Saturday.
The spirit behind "Bank Transfer Day" caught fire with the Occupy Wall Street protests around the country and had more than 79,000 supporters on its Facebook page as of Friday. The movement has already helped beat back Bank of America's plan to start charging a $5 debit card fee.
It's not clear to what extent the banking industry's about-face on debit card fees will extinguish the anger driving the movement. But many supporters say their actions are about far more than any single complaint.
"It's too little, too late," said Kristen Christian, the 27-year-old Los Angeles small business owner who started "Bank Transfer Day." She already opened accounts at two credit unions in preparation for cutting ties with Bank of America this weekend.
"Consumers are waking up and seeing that they have options," she said.
