Every Day is Bank Transfer Day

Some of you might remember the 5th of November, the official Bank Transfer Day, which is actually a movement separate from Occupy. Bank Transfer Day started as a harmless Facebook page, quickly amassing thousands of likes and national media attention.

It began as a protest to proposed additional fees by major banks, such as Bank of America, J.P. Morgan Chase, and CitiBank. Big Banks were hoping to tack on $3-5 fees on debit card transactions and $10-20 checking account fees, starting in 2012. Since the consumer uprising, Big Banks have withdrawn their fee raise.

A few reasons you might want to consider a credit union:

Low or no minimum balance requirements. Corporate banks charge high fees for dropping below the minimum balance on savings and checking accounts, making it harder for those with less money.
Low overdraft fees. Corporate banks often charge $30-40 for overdrawing your account. Credit unions often charge half as much.
Community oriented. Credit unions often serve a target community, and is beholden to the community and its depositors, rather than profit-hungry shareholders. In this way, credit unions are more likely to fund restoration projects for the betterment of the community.
Secure funds. Deposits at credit unions are insured just as they are at a big bank, by the FDIC.

Here’s a great infographic to help you move your money to a credit union.