Stories from Move Your Money day. Did you divorce YOUR abusive bank today?

  • Published on November 5th, 2011

Bank transfer day november 5It’s Bank Transfer Day or Move Your Money Day, and all across America, people are reporting on the change they are making in their own lives as they drop their failed bank and switch to a local credit union.

Apparently Bill O’Reilly, on FOX last night, claimed nobody was going to do this. Then he said Geraldo Rivera will report on Sunday if ONE person does. Well, I guess he didn’t get the memo, because 650,000 people joined Credit Unions already in the past month – more than in all of 2010!

Have you switched your bank as part of this movement? Tell us in the comments! (And don’t worry if you haven’t done it yet – the banks open up again at 9:00 on Monday – see the end of this post for information on how you can switch to a local, customer-owned credit union).

Here are some stories gleaned from around the Internet:

Daniel LeVesque

Two more accounts closed, Checking and Savings…I told the Bank of America Account Manager, nicely, that I know he is just a working person like me; it’s his bosses that I have a problem with, and my moral compass doesn’t line up with them. After my explanation, he whispered “I give you mad respect. Maybe this will cause enough change for you to return someday.” Then he shook my hand. I’m not even paraphrasing. He said “mad respect”! Incredible. Be nice to all workers while moving your money. But do move it. They aint THAT nice…

Cherie Nordstrom Braun

I’ve opened my CU account, but they have been so deluged with new accounts opening in the past few weeks, they haven’t finished with all the details so I can’t move the rest of my money yet. But it’s in the process and hopefully by the end of next week. I consider Bank Transfer Day a catalyst, and you don’t have to do it today to make your point – just DECIDE today that you will! Oh, and although I had never seen the manager at my current bank before, the day I took out a big chunk of money to move, he was behind the counter, and offered to talk with me about why I should reconsider. Thanks, but no thanks.

Sharon Edwards

Moved my daughter’s IRA to our credit union because US Bank wants to charge a $40 annual “maintenance fee”.

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Dan Apfel

Students at Washington University in St. Louis sent a message to Bank of America and moved their money to St. Louis Community Credit Union

Tripnman, from The Daily Bail blog

The manager was pleasant enough and very direct. After introducing herself she flat out asked “What can we do to change your mind?” “We don’t want to see you go” she emphasized. This opened a door for me to further explain my decision to leave the bank and why I was doing it. Amazingly, it did not fall on deaf ears. She indicated that understood where I was coming from and actually showed genuine surprise at some of the facts I provided her about the less than consumer friendly policies and machinations of her employer.

She did make some feeble counter-arguments and repeatedly asked me if I would change my mind (with a hint of desperation!). I stood firm and by the end of our conversation she asked if I would be willing to put it all in writing so she could send it up the chain.

She shared that management is nervous, they are seeing money leaking out of the bank and realize that they have made mistakes.  

Next page >> More stories (and how-to links) 

More on bank protests:

About the Author

Jeremy Bloom is the Editor of RedGreenAndBlue. He lives in New York, where he combines his passion for the environment with his passion for film, and is working on making the world a better place.
  • Doc D

    Just an observation from watching the video about the Citibank customers speaking up regarding their student loans and then a thought came to mind: do you think the universities & colleges are part of the problem? Why have tuitions gone up so high that students have to get so deep in debt? It appears that universities/colleges are big business now.

  • Part of the 99%

    I moved my money to a local credit union last week and the place was packed! The woman helping me said they were swamped with new accounts & they’d had more new accounts opened this month than ALL of last year.

    When I was at the grocery store, the checker mentioned that she’s just moved her money, and the rather conventional looking woman behind me in line said she had also moved hers.

  • Steve

    I’ve banked with large corporations since college, but last week my wife and I moved our accounts from a Wall Street bank to my alma mater’s Credit Union, and we feel like we’ve finally found a permanent home for our money! Everyone was super nice, and the Bank Manager who helped us close our account agreed his boss’s salary was way too high (and his was way too low).

  • Stacy McKenna

    I opened a CU account a few days before I heard of Bank Transfer Day, but I’ve been talking it up in my own blogs as well. I’m still in the process of transitioning the funds and reprogramming automatic transfers. I have not transitioned my mortgage away from ING (Capital One) but I’m also starting to make all of my purchases by cash when possible to avoid funneling money to the Big Guys via card transactions.

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  • Sergio A.

    Yeah I totally saw the effects of bank transfer day. Shall I say it was a bust. All the people I saw in front of me were withdrawing large sums of money like everyone says. Yeah I heard on banker ask if they wanted the three hundred dollars in large bills from closing the account. Lame!

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  • Jim Hudspeth

    I was 70 my last birthday. I’ve had many bank accounts over the course of my life. At the present I have three, two with small regional banks and one with a larger bank. All give me good service at reasonable prices.

    A few of my personal rules:
    1) I do not use debit cards
    2) I pay all credit cards in full every month
    3) I do not have card accounts with banks where I have checking accounts

  • Jon

    I opened an account at a local credit union, with 1,105.11 in a check, and another 400.00 I got by cashing in all my prior credit card points from Wells. I made them send me a check… (they had been deleting points that I did not know about..) I opened an account, and will now begin to close the ones that I have at wells, (complicated as they are tied to mortgage payement, I intend to be all closed out of there by end of the year.) First step was today, – and no more deposits to wells !! Stuff it Big Banks !!!

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  • Holly

    I opened my credit union account a few weeks ago and went into Chase this morning to close my checking account (my savings account had already been at my local credit union).

    The guy who helped me was very nice, and I was very polite to him. He asked why I was closing the account so I could log it into a computer and I said kindly and simply “I’ve already opened up a credit union account. I’m here for Bank Transfer Day. I feel as though a non-profit bank is going to work better for me”. He asked if I’d had any service issues with Chase and I answered honestly, I haven’t. I told him to have a nice day. It got logged in the computer that they lost me because I want to support non-profit banking, and I wasn’t a jerk to the guy who works there (he’s just a working stiff like me).