Published on November 30th, 2011 | by Lynn Fang1
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 Since the consumer uprising, Big Banks have withdrawn their fee raise.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.