Occupy Wall Street is taking on a whole new dimension as protestors seek to make a diffrence in the world’s economy. Occupy Wall Street protestors are encouraging people to remove their money from big banks by November 5, 2011 and put it into credit unions or smaller banks with free checking and more.
“It’s a way to stimulate the growth of smaller institutions and demonstrate to the ‘big banks” that we do have a choice,” as one protestor puts it.
Smaller institutions have seen increased traffic on social media regarding a “Bank Transfer Day” and they are definitely monitoring the activity as the date draws closer. It appears to still be an informal movement, but has the potential to grow into something very substantial. “Bank Transfer Day” was apparently started by an art dealer in LA and is not affiliated with the Occupy Wall Street movement. Instead, it seems to have grown out of growing negative sentiment towards the large national banks.
So far, no credit unions or trade associations have officially endorsed this event, but they likely welcome such renewed interest in supporting local community financial institutions. It may be a benefit for local financial institutions if this event serves as a catalyst for acquiring new member relationships.
According to Call Federal Credit Union, two of the most valuable products for these large national financial institutions are checking accounts and credit products (loans). Deposits aren’t as valuable in this rate/economic environment as they once were. One way these individuals can really make a difference is by transferring their checking accounts, refinancing their vehicle loans, and moving their credit cards to local community financial institutions like Call Federal Credit Union (FCU).
Call FCU says that they actually have $150MM to lend out in the form of new credit relationships. Couple that with a free checking account (DR Card, P2P, A2A, Mobile, etc.), and Call FCU feels that they have a lot to offer these potential new members.
Two sites have been created by Call FCU national trade associations to assist consumers with making the switch. Credit unions have been banging this drum for a long time and its intriguing to see such national interest and attention. The sites recommended by Call FCU to aid in switching accounts are:
To reach Call Federal Credit Union, visit their website. And always make financial decisions that are best for you and your personal situation.
Call Federal Credit Union is an advertiser on Richmondmom.com
