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Bank Transfer Day
Today is being touted as "Bank Transfer Day" or "Move Your Money Day" in the US. The name is overly simple for most people in America. The process of moving accounts is multi-step (open new accounts, wait for new debit card to arrive, test debit card, change direct deposits, confirm change took, change automatic bill payments, confirm those took) which will take a month or more. However, today could be the beginning of the process.
Credit Unions, investor owned institutions with members notvictims customers, have seen more new accounts opened in the last month than in all of 2010. Local banks are seeing an increase in account openings as well. Did you realize, in the US there are two types of banks: state and federal? State chartered banks are subject to state regulation and generally can't open branches in other states. This generally keeps them from being merged into the giant banks.
I will not be participating in Bank transfer Day because I can't. I completed the process long ago in response to the policies of large financial institutions. My accounts are now in a small local bank and a credit union.
But those of you who have money in a large institution that is too big to fail, please consider taking the time to make that large institution small enough to fail.
Credit Unions, investor owned institutions with members not
I will not be participating in Bank transfer Day because I can't. I completed the process long ago in response to the policies of large financial institutions. My accounts are now in a small local bank and a credit union.
But those of you who have money in a large institution that is too big to fail, please consider taking the time to make that large institution small enough to fail.