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Thursday, December 14, 2017

Bank Transfer Day Nov. 5 is Not Associated with Occupy Wall Street

Credit: Eddie Colla
Logo used by Bank Transfer Day

Facebook Page makes it clear that while they appreciate what OWS protestors have done Bank Transfer Day movement was neither inspired by, derived from nor organized by the OWS movement.

While enrollment in Credit Unions has skyrocketed, according to the Chris Bowers a reporter for the Daily Koss, it would be invalid to conclude that this was the result of the Occupy Wall Street Movement.

The Facebook Page of "Bank Protest Day" which is to be held tomorrow November 5th specifically reads:

"While the Bank Transfer Day movement acknowledges the enthusiasm from Occupy Wall Street, the Bank Transfer Day movement was neither inspired by, derived from nor organized by the Occupy Wall Street movement, and the Bank Transfer Day movement does not endorse any activities conducted by Occupy Wall Street."

While the organizer, Kristen Christian, credits Edddie Cola for Use of the "Guy Fawkes" image ( http://www.facebook.com/eddie.colla ) it is interesting to note that Guy Fawkes has become the "offical logo" of the hackster group, Anonymous.

Kristen is clear that, however, that she has no association to Anonymour and neither to Occupy Wall Street. According to her Facebook "Kristen Christian, a private citizen and small business owner with no affiliations to Anonymous or Occupy Wall Street. While she's now a proud member of Coast Hills Credit Union... and Los Angeles Federal Credit Union, she's not a credit union employee. She's received no public or private donations for her efforts or costs associated with this movement. Every bit of work on BTD is a testament to her love for her community & neighbors. She genuinely believes we can pull ourselves out of this economic mess the big banks caused by investing in local not-for-profit credit unions."

According to Kristen anyone can join. To join visit her page on Facebook and she has a list of instructions about what to do including:

  • Research your local credit union options
  • Open an account with the one that best suits your needs
  • Cancel all automatic withdrawals & deposits
  • Transfer your funds to the new account
  • Follow your bank's procedures to close your account before 11/05

More people joined Credit Unions since the Bank of America Fee debacle, according to the Huffington Post, than in the entire year of 2010:

"At least 650,000 customers opened new accounts at credit unions since September 29, the day Bank of America announced it would charge customers a $5 per month fee to use their debit card for purchases starting in 2012, the Credit Union National Association estimates. If that number holds true, it would be more than the 600,000 consumers that joined credit unions in all of 2010."

Credit Unions around the country clearly are major beneficiaries of this move and are enticing customers to make the switch. While many in the Occupy Wall Street movement will claim that they are the cause of this move, it seems apparent that the connection between Bank Transfer Day 2011 and OWS and Anonymous are tenuous at best.

Follow Up:

Thanks to Bank Transfer Day up to 65,000 people dumped their banks



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5 comments on Bank Transfer Day Nov. 5 is Not Associated with Occupy Wall Street

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By Libdrone on November 04, 2011 at 04:37 pm

I've been in my credit union for over a decade and couldn't be more pleased. The staff are extremely friendly, helpful and Competent. I pay no fees and have all the conveninece of direct deposit, debit card and electronic banking. Credit union is the way to go!!

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By TonyBerkman on November 04, 2011 at 04:53 pm

Alan, I've heard that about credit unions. Right now I don't have a checking or savings account so it makes sense to go to a Credit Union.

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By Tiffany Sanders on November 05, 2011 at 01:50 pm

We'll never know, however, how much traction the BTS movement would have gained without the OWS publicity.

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By TonyBerkman on November 05, 2011 at 02:03 pm

Tiffany I think there has to be a link. Clearly the timing is questionable. My guess is that between OWS and the threats by Anonymous Hackers against banks at a minimum played a role in the idea. Whether it was a proximate cause we will never know. Perhaps even saying "we have nothing to do with OWS" may imply that it does. If it truly wasn't and that was a common question wouldn't you expect her to go into a longer explanation about where the idea came from and the timing?

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By piataylor on February 09, 2012 at 11:15 pm

This past year, a lot of people were angry at their banks and were not planning to take it anymore. There soon grew a call for people to dump their banks on a proposed “Bank Transfer Day.” Many people did, but the bulk of transfers took place on any day but Bank Transfer Day. Here is the source: Bank Transfer Day accounted for few bank transfers last year. Moreover, Javelin asked the reason behind why people switched, in a survey that was part of the study, finding that 26 percent of respondents didn’t switch because of any social campaign, just the fees themselves. Well, if the $5 monthly debit card fee will be removed, then I believe the bank transfers will taper off or will shun from aggrandizing. What do you think?

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