Bank Transfer Day is Growing on The Net
A FaceBook movement was started by a young lady on Facebook asking for a pledge on November 05 2011 to transfer your money from a bank to your local credit union.
The movement received recognition by news agencies such as Fox News and now the movement has grown to over 80,000 RSVP’s to do so. The FaceBook page can be found here.
Although this will help local Credit Unions, it can also have the effect of a bank run causing increase rates to businesses that need large banks and not small credit union loans.
The movement was started in protest to Bank of America’s announcement to charge a monthly $5.00 fee for ATM and account services. Although BofA has reversed this decision, the movement is underway and the date deadline for commitment to transfer funds is today, Nov 05 2011.
This movement will grow beyond the deadline and we could see a change in the way we view banks in the future.
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