Green Consumerism

Published on November 30th, 2011 | by Lynn Fang


Every Day is Bank Transfer Day

money tunnel

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 Since the consumer uprising, Big Banks have withdrawn their fee raise.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.

Thrive Bank Transfer Infographic

[CC Image by (RambergMediaImages) via Flickr, (Thrive Movement)]

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About the Author

is a compost consultant and educator, eco-conscious writer, and intuitive artist. Follow her on Facebook and Instagram.

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