http://www.forbes.com/sites/moneywis...ange-anything/
Will Bank Transfer Day Really Change Anything?
Nearly 80,000 people are currently signed up on Facebook to attend Bank Transfer Day, Google returns over 400 news articles headlined “Bank Transfer Day,” and today in San Francisco, at least three spray-painted faces of BTD—the patriotic rendition of the V mask—smiled triumphantly at me on my way to work.
But will Bank Transfer Day accomplish what it seeks to do, which, according to the Facebook event, is to “send a clear message that conscious consumers won’t support companies with unethical business practices”?
How It May Win A Battle…
If awareness is the goal, then supporters of Bank Transfer Day can pop the champagne already.
Bank Transfer Day is an orchestrated call to action for consumers to switch from their for-profit bank to not-for-profit credit unions before November 5. With its media bullhorn and measurable results of credit union growth, Bank Transfer Day is arguably not just a one day event; it signals the start of an on-going movement from which we may see ripple effects in the coming year.
And so far, at least 650,000 consumers nationwide have joined credit unions and helped add $4.5 billion in new savings accounts, reports CUNA. With four in every five credit unions reporting noticeable member growth since the end of September, the waves of consumers moving their money out of big banks seems to be a combination of consumer reactions to the now-rescinded debit card fees as well as Bank Transfer Day. If you are thinking about making the switch to a credit union as well, be sure to research credit union reviews before moving your money.
With the sheer volume of media coverage and credit union mobilization, Bank Transfer Day is finally providing fed-up, frustrated consumers with what they need: a real course of action.
*not the full article*