In an effort to send a message to big banks, some organizers, who are supported by the protestors of the Occupy Wall Street movement, have organized an event to remove all funds from banks and into credit unions.
Organizers are calling the event “Bank Transfer Day” and are encouraging people in US to participate on 5th November.
The Facebook page for the event states the following:
“Together we can ensure that these banking institutions will ALWAYS remember the 5th of November!! If the 99% removes our funds from the major banking institutions on or by this date, we will send a clear message and give the 1% a taste of the fear that we experience every day when we aren’t able to pay for our rent, food, medication, utilities, student loans, etc.”
We support the campaign and encourage you to join just recently established Facebook page “Bank Transfer Day UK” and move your money to more ethical bank – To which? Read here. (during next weeks we will add more information, also regarding services these mutuals/banks provide for customers.)
When you put money in the bank in the present system it becomes the banks’ legal property to do as they like with. Regardless of your ethics this money is used to invest in ventures such as large scale oil infrastructure, arm industry, speculation on food etc. that give the banks short-term profits.