NEW YORK (Nov. 05) – Today (Saturday, Nov. 05) is Bank Transfer Day and thousands of dejected customers pull their money en masse from large corporate institutions and banks to dump it into credit unions.
Bank Transfer Day is also dubbed as Bank Occupation Day and Move Your Money Day, but whatever it is called, the purpose of each has been a call for customers of major banks to close their accounts and move their money to more localized credit unions and institutions.
This movement has already encouraged about 650,000 Americans to transfer their money from corrupt and just-for-profit banks to smaller, non-profit credit unions or community-owned banks and institutions.
Small banks and institutions are licking their lips foreseeing big bucks coming to them and some of them have already announced bonus programs to attract Big Banks’ dejected customers like First Tennessee Bank has offered, but only for today, an up to $300 bonus when you open a checking and saving account.
Watch video below Russia Today talks to freelance writer Kimberly Thorpe on the consequences of Bank Tranfer Day: