Saturday, November 5, 2011

Bank Transfer Day: Nov. 5th, 2011

Guy Fawkes art on Bank Transfer Day

Saturday, Nov. 5, 2011 (Bank Transfer Day on Facebook) is a massive people's effort to stop supporting criminal, welfare-abusing corporate banks.

What can just one person do? One person's social media campaign in California has encouraged hundreds of thousands of consumers to consider moving their money to credit unions to protest outrageous bank fees, fines, and being charged for ATM debit card use. Her Facebook page ("Bank Transfer Day") shows tens of thousands of followers.

Large banks announced in recent weeks they would enact a variety of fees on checking accounts and debit card use blaming their welfare provider, the federal government. The feds put a cap on the money they can charge retailers for processing debit card charges. A federal cap applies only to banks with $10 billion or more in assets.

Such banks -- including Bank of America, JPMorgan Chase & Co., and Wells Fargo & Co. -- have caved in. They are canceling trial runs of debit card fees after consumer backlash. But what can one person do?