Unless you have been living under a crazy large rock, you have heard about Bank Transfer Day on November 5th! Still not sure what I am talking about? Check out their facebook page here. If you have all your funds in a credit union, like EECU (the best CU on the planet), then share this information with others or if you don;t have it all in a CU, it might be time to make the switch!
Why was BTD started?
The Durbin Amendment is an add-on to the Dodd–Frank Wall Street Reform and Consumer Protection Act (Public Law No. 111-203), signed into law by President Barack Obama on July 21, 2010. The Act allows the Federal Reserve to regulate debit card interchange fees of banks with over $10 billion in assets. Over the summer, the Fed released the final rule on the matter by limiting debit card interchange fees to a maximum of 21¢ per transaction.
Who is behind BTD?
The event was created by 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 (based in Lompoc, CA) 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.
The benefits of joining a credit union
Joining a credit union is simple and may be easier than you think. There are many ways to be part of a credit union. Each credit union has a "field of membership" that it serves, and membership is open to all consumers who fall within those parameters. Examples of "fields of membership" include:
- Geographic area
- Place of worship
- Fraternal organization
By signing up to become a member of a credit union, you will join other members as owners of your financial institution.
Credit unions offer a wide range of financial services to meet the needs of working families. Services that credit unions provide include:
- Free Savings and Checking Accounts
- Surcharge-Free ATMs
- Automotive and Home Loans
- Online Banking
- Online Bill Pay
- Financial Counseling
- Deposits insured up to at least $250,000, following the passage of the Economic Stabilization Act of 2008.
- And much more!
How can I help?
- Invite your friends
- Post to your timeline
- Post to your local occupation movement's FB page
- Print fliers to post or distribute (available in the photo gallery)
- Mention @BankTransferDay on Twitter
Bank Transfer Day encourages supporters to close their accounts just as they opened them-- independently, with respect and without signage. When asked why you're closing your account, feel free to be frank. Calmly communicating your reasons for closing your account.
Are you ready to join the Credit Union Movement and Revolution? Don't wait until November 5th...make the switch today and tell your friends!