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Photo: Sasha Kimel via Flickr
The brainchild of Los Angeles, CA art gallery owner Kristen Christian, the central thesis behind Bank Transfer Day isn’t anything new.
For the last couple years, community activists have urged customers to move their money from large corporate banks to small community banks or a local credit union. Christian, however, taking inspiration from Occupy Wall Street, Guy Fawkes Day and her poor customer service experiences at Bank of America, worked hard to make November 5 the day to remove money from big banks.
Credit unions tend to hold an unflattering reputation as major bank companies continue to be a large presence among financial institutions. However, in the past couple of months, credit unions have been gaining recognition, due to new debit card fees proposed by national banks such as Bank of America, JP Morgan Chase and Wells Fargo.
These ill-devised fee initiatives have brewed resistance from big-bank customers, which spurred the creation of Bank Transfer Day on November 5th. While all major banks have retracted plans to charge customers debit card fees, many fed-up Americans still show interest in the advantages of a credit union.
Photo: tomblanton1957 via Flickr
Take note: Bank Transfer Day, an ad-hoc celebration of leaving big banks and taking your business to smaller credit unions and financial institutions, is taking place tomorrow, November 5. However, before you jump on the bandwagon, consider whether switching banks is really the right move for you.
Today is International Credit Union Day, and local CUs have plenty to celebrate. The recent outrage over rising bank fees and spreading Occupy Wall Street demonstrations have put national financial institutions in a negative light, to say the least. All the while, local banks and credit unions are snapping up enraged customers left and right.
Are you looking for a bank account that comes with a great savings interest account? Take advantage of the 0.75% APY being offered by Brentwood Baptist Church Credit Union.
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It’s time to enjoy great returns when depositing your money in a savings account. You can experience what a truly competitive account is like by taking advantage of the 0.80% APY savings interest rate from Consumer Healthcare Credit Union.
Savings Rate Terms and Conditions
There’s nothing better than getting your hands on a savings account rate that beats out all the other banks in town. Luckily, you can do just that by opening a savings account from Lubbock Teachers Credit Union with a great 1.01% APY.
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Gundersen Lutheran Credit Union is known for offering competitive deposit rate to members, including an excellent 12-month CD rate. Today, you could take advantage of a 1.00% APY by depositing in this credit union’s year-long certificate of deposit.
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Self Reliance (NY) Credit Union has a reputation for offering its members the best interest rates around, and that includes affordable car loan rates. Members have the opportunity to finance a new vehicle for 4.25% APR through this credit union.
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It’s time to jump on one of the best CD rates on the market! You can keep looking but it will be hard to beat the 1.76% APY on 2 year CDs from North Hollywood Credit Union.