Bank Transfer Day 5th November
A new US campaign against for-profit banking is spreading around the world
In the USA, a Facebook boycott call prompted by new fees for small customers from Bank of America, has grown into a much larger campaign touching much of the wider public concern around the banking industry. Occupy Wall Street protesters for example support the project even though the campaigns are not related.
According to campaigners, "Bank Transfer Day is about encouraging our supporters to chip away at the power and influence of the big banks by simply withdrawing financial support...The structure of for-profit corporate banks is fundamentally flawed and a hindrance to a thriving economy. The goal of Bank Transfer Day is to shirt funds to a local level before 5th November."
The Facebook page for the event (with 72,000 supporters) states the following: "Together we can ensure that these banking institutions will always remember the 5th of November. If we shift our funds from the for-profit banking institutions in favour of not-for-profit credit unions before this date, we will send a clear message that conscious consumers won't support companies with unethical business practices. It's time to invest in local community growth!"
Although the campaign message is hitting the UK a bit late for a concerted public campaign around these issues, the idea of a Bank Transfer Day is a strong one and could well become an element in many of the other future 'change your bank' campaigns currently being planned around the world.
The US Facebook page is at: www.facebook.com/event.php?eid=281139538577206
A UK facebook page set up by positivemoney.org is at:
The ethical consumer reports on Current Accounts and Savings Accounts can help find ethical alternnatives.