Have you heard of Bank Transfer Day? The banks would hope that you never do so I feel it is my responsibility to tell you about it. It is only because of Facebook and other forms of social media that the banks are losing their grasp on middle American families. Real (non-bank) financial education is becoming freely available to all and soon bankers will simply find themselves on the losing side of the equation, a place they never thought they would be.
Bank Transfer Day started as a simple posting on Facebook asking Americans to remove their money from the biggest banks, and move their money to local (not-for-profit) credit unions. The target for moving your money was November 5th of 2011. That’s how is started and soon this “solution” to banking went viral with over 1 million moving their money.
Here is an article from the LA Times about the 1.3 million people that left big banking, many for a better life away from bank fees, and bank debt.
If after you educate yourself on banking vs credit unions, you decide you want to make the switch, be sure to move your checking and savings account to a credit union. If possible move your credit cards and even your auto loan/s too. Even move your mortage if you can (and rates makes sense financially). Switching from a bank to credit union is little difference than changing your cell phone company because you don’t like the old company’s rate–a healthy example of the free market at work.