I understand that this place is geared towards Aussies, but this could (if it takes off) have huge ramifications for the global banking sector given that US banks are leveraged at roughly 50:1 (having 2% reserves if that): [youtube]http://www.youtube.com/watch?v=yJ8AI1_ChJI[/youtube] "Anonymous" is calling for moving funds from big banks to non profit credit unions on Nov. 5. Credit unions have seized upon the idea and incorporated it into their marketing: More: http://www.cutimes.com/2011/10/21/bank-transfer-day-international-day-used-to-push-l
Good idea . I just got stung $10.00 for an international transfer, when i asked why the Sub Manager replied " cause thats just the way it is ". As if i should be thankful . Might just join in on 5th Nov.
This will be big! Imagine every person involved in OWS world wide doing the same thing. Big banks must we sweating!??
When people have pledged to close their accounts at big financial institutions and open up accounts at credit unions and neighborhood banks, well it was indeed, effective (Early Bank Transfer Day numbers show succes). The campaign started at the end of September and urged everyone to participate in "Bank Transfer Day." Well, according to CNN, credit Unions added 650,000 new members. Sounds like a good start.
Fee gouging... The US banks are amateurs. The 22 million people in Australia pay more bank fees and charges per year that the entire population of the USA.
I wonder how many of those people have bothered to check if their "credit union" or "local bank" isn't owned by one of the large banks.
I did this years ago. BEST THING I HAVE EVER DONE! It was the local credit union in Tamworth. I have since moved to brisbane but stay with them. That is how impressed I am with them!
As far as I know, the event itself wasn't incredibly successful, but it is estimated that more than 1 million people switched banks after Bank Transfer Day. See this link: Bank Transfer Day accounted for few bank transfers last year. To add, in a survey that was part of a study, 26 percent of respondents didn't switch because of any social campaign. So, the accruing proportion of bank transfers is not due to the movement.
