Bank Transfer Day: A Guide to Closing Your Account

[marmar]

from YES! Magazine:



Bank Transfer Day: A Guide to Closing Your Account
To protest the behavior of big banks, thousands have pledged to switch to small credit unions on November 5th. Follow these steps to simplify the process.

posted Oct 25, 2011


Bank Transfer Day is gaining some serious steam. Although it's not technically affiliated with Occupy, it's being embraced by the movement and is the first specific call to action since the Occupy protests began.

The description and goal of Bank Transfer Day is straightforward: If you currently have checking and savings accounts (deposit accounts) with a big bank, the organizers encourage you to remove all of your funds, close your accounts, and place your money in a new deposit account with a not-for-profit credit union. The organizers ask that you do this by November 5. And since November 5 is a Saturday, you should definitely do it before November 5 since many big banks aren't open on weekends.

Bank Transfer Day can significantly impact the way banks are able to make a profit. In simplest terms, banks rely on our deposit account balances to make loans that net substantial profits. Without our deposits, banks can't make loans. And if banks can't make loans, they're going to take notice. And they're surely going to freak out.

So if you currently have a deposit account with a big bank and you want to participate in Bank Transfer Day, read the following steps. It's a field guide that will help you accomplish this meaningful task of shifting your money from corporations that serve the 1% and put it with an organization that cares about the remaining 99%. ..............(more)

The complete piece is at: http://www.yesmagazine.org/new-economy/a-field-guide-to-closing-your-bank-account