Move Your Money Day Might Wake Up the Big Banks


cashIf you're looking for something to do this weekend, Saturday is Move Your Money Day. Or Bank Transfer Day. Or Dump Your Bank Day. It has a lot of names. Point is, November 5 has been marked as the unofficial date for unhappy customers to take their moola out of the big banks and move it into smaller, more local credit unions. People are fed up with the hidden fees, the terrible customer service, and the overall corporate greed that some of our nation's biggest banks are becoming notorious for and want change. So far, Bank Transfer Day has over 78,000 people on Facebook who've pledge they're making a switch. Onward!

I know as a Bank of America customer, I was pretty peeved about that hideous and entirely unnecessary debit card fee and contemplated making a move myself. You have to draw the line somewhere about how willing you are to get ripped off, you know? But I was surprised, as I'm sure many people were, when they reneged on that terrible, terrible plan. It's amazing that they heard us. I don't like to give the OWS movement too much credit, but it seems like they may have had something to do with the big bank's about-face. Kudos.

It's clear why so many people are ready to be done with the large, money-sucking institutions. There are fees for not making enough transactions in a month, for making too many transactions in a month, for moving money the right way, for moving money the wrong way, seriously feels like we can't win. Banks are turning into the airlines. Fees up the wazoo.

The only thing that's a little off about this whole Move Your Money Day is that it doesn't seem to be as popular or pervasive as the organizers would have you believe. Since late September, CNN reports 650,000 people have switched to credit unions. Sounds like a big number, but it's only 0.002 percent of the country's population. That's not a lot of people who've moved their money. It's a step in the right direction, though, but it's still a baby step.

Maybe we'll see the number spike tomorrow, maybe not. The OWS folks have formed a separate alliance and have declared November 8 Dump Your Bank Day. Not sure why we just couldn't have one, united front, but hey, if you want to move your money, any day is a good day. Check out first to make sure you're not going from one fee den to the next. Happy banking!

Are you planning on moving your money?


Photo via JMR Photography/Flickr

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nonmember avatar Amelia

All of those 650,000 accounts were opened between September 29 and now, which means in just a little over a month more C.U. accounts were opened than in all of 2010. It should also be noted that these new accounts brought in $4.5 BILLION in deposits. That is a huge deal, and it isn't even Bank Transfer Day yet!

tayanna2 tayanna2

I'm happy with my bank :-)

FitVe... FitVeggieChick

I really dont like BOA and we have had them for years. We were talking about moving our money today and then I read this. Everyone else is fed up too :(

Gigan... GigantaursMommy

I already use a credit union :) The only fee I have is if I make more than 10 withdrawals in 1 month from an ATM that doesn't belong to my credit union and that's never happened to me. Ever.

ashjo85 ashjo85

I have been with a credit union since I was 16. Wouldn't have it any other way.

momav... momavanessa

I think I will change banks next year. BOA changed they're mind about the fee So no need to jump ship just yet!

Ladyw... Ladywithtwo

I love my credit union! Bank of America is just awful! Everyone should dump them for a local cu!

navyw... navywife0204

I'm already with a credit union, and we are quite happy with them.

nonmember avatar darkpassenger

Yep, but was planning to anyway. I've had accounts at my bank and c.u. and got tired of dealing w two institutions. I'm moving to just the c.u. this month.

nonmember avatar Meagan

Considering tomorrow is a Saturday, and approximately zero local CUs or banks are open tomorrow, no I'm not. Now that BofA has rescinded their decision to charge the debit card fee, I will stay.

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