Credit unions hope you remember the fifth of November

banktransferpicMasked men near a bank branch usually spell trouble, but some local credit unions are rolling out a welcome mat.

Although they don’t officially endorse it, several local credit unions wouldn’t mind picking up new customers from Bank Transfer Day, a movement that hatched online on the coattails of the Occupy Wall Street swell.

Bank Transfer Day’s mascot is a masked revolutionary made popular in a Hollywood blockbuster, and the movement has set Nov. 5 as a deadline for Americans to move their money from large national banks to smaller financial intuitions.

It’s the second time in recent weeks that small institutions have tried to capitalize on public disgust with big banks.

Many local institutions recently launched ad campaigns targeting customers of big banks that had announced they would begin charging fees for debit card transactions.

The prospect of paying those fees helped spark 27-year-old Kristen Christian’s idea for Bank Transfer Day.

The California woman was fed up with big banks, so she took to the social media world, and people seem to be listening.

About 50,000 people have RSVP’ed to participate in Bank Transfer Day, according to the campaign.

That number has caught the attention of credit unions across the country, including several in the Richmond area.

George Kite, CFO of locally based Call Federal Credit Union, said Call is definitely monitoring the movement.

“It appears to still be an informal movement but has the potential to grow into something very substantial,” Kite said.

He said Call FCU has not officially endorsed the Bank Transfer Day movement but added, “We are very happy to see such renewed interest in supporting local community financial institutions. … We would see it as a benefit for local financial institutions if this event serves as a catalyst for acquiring new member relationships.”

Call is still feeling the effect of searches for free checking, and this movement could keep that momentum going.

“We have really seen an uptick in new members and new checking accounts ever since the [Bank of America] announcement,” he said.

Organizers have been quick to point out that Bank Transfer Day has no affiliation with Occupy Wall Street, which has drawn criticism for lacking a clear message.

But the minor uprisings do seem to attract an audience that small banks and credit unions would love to reach.

Glenn Birch, a spokesman for Virginia Credit Union (the largest credit union in Richmond), said financial institutions of all sizes have trouble getting the attention of younger customers.

“Perhaps this will spread the word that consumers have options for financial services that can offer a good value for them. Our aim is to be ready to be available and helpful to those who decide to join,” Birch said.

Virginia Credit Union is making some staff adjustments to make sure it can accommodate any influx of customers between now and Nov. 5

As for that date, there’s a reason Kristen Christian chose it.

Nov. 5 is known as Guy Fawkes Day, the day a plot to blow up the English Parliament building was thwarted in the 1600s. The day was made even more famous by the movie “V for Vendetta,” in which a vigilante wearing a Guy Fawkes mask carries out a similar plot.

That mask is the mascot of the Bank Transfer Day movement.

As Christian explains on the campaign’s Facebook page: “I started this because I felt like many of you do.  I was tired– tired of the fee increases, tired of not being able to access my money when I need to, tired of them using what little money I have to oppress my brothers & sisters.

“Me closing my account all on my lonesome wouldn’t have made a difference to these fat cats. But each of YOU standing up with me… they can’t drown out the noise we’ll make.”

Michael Schwartz is a BizSense reporter. Please send news tips to [email protected].

banktransferpicMasked men near a bank branch usually spell trouble, but some local credit unions are rolling out a welcome mat.

Although they don’t officially endorse it, several local credit unions wouldn’t mind picking up new customers from Bank Transfer Day, a movement that hatched online on the coattails of the Occupy Wall Street swell.

Bank Transfer Day’s mascot is a masked revolutionary made popular in a Hollywood blockbuster, and the movement has set Nov. 5 as a deadline for Americans to move their money from large national banks to smaller financial intuitions.

It’s the second time in recent weeks that small institutions have tried to capitalize on public disgust with big banks.

Many local institutions recently launched ad campaigns targeting customers of big banks that had announced they would begin charging fees for debit card transactions.

The prospect of paying those fees helped spark 27-year-old Kristen Christian’s idea for Bank Transfer Day.

The California woman was fed up with big banks, so she took to the social media world, and people seem to be listening.

About 50,000 people have RSVP’ed to participate in Bank Transfer Day, according to the campaign.

That number has caught the attention of credit unions across the country, including several in the Richmond area.

George Kite, CFO of locally based Call Federal Credit Union, said Call is definitely monitoring the movement.

“It appears to still be an informal movement but has the potential to grow into something very substantial,” Kite said.

He said Call FCU has not officially endorsed the Bank Transfer Day movement but added, “We are very happy to see such renewed interest in supporting local community financial institutions. … We would see it as a benefit for local financial institutions if this event serves as a catalyst for acquiring new member relationships.”

Call is still feeling the effect of searches for free checking, and this movement could keep that momentum going.

“We have really seen an uptick in new members and new checking accounts ever since the [Bank of America] announcement,” he said.

Organizers have been quick to point out that Bank Transfer Day has no affiliation with Occupy Wall Street, which has drawn criticism for lacking a clear message.

But the minor uprisings do seem to attract an audience that small banks and credit unions would love to reach.

Glenn Birch, a spokesman for Virginia Credit Union (the largest credit union in Richmond), said financial institutions of all sizes have trouble getting the attention of younger customers.

“Perhaps this will spread the word that consumers have options for financial services that can offer a good value for them. Our aim is to be ready to be available and helpful to those who decide to join,” Birch said.

Virginia Credit Union is making some staff adjustments to make sure it can accommodate any influx of customers between now and Nov. 5

As for that date, there’s a reason Kristen Christian chose it.

Nov. 5 is known as Guy Fawkes Day, the day a plot to blow up the English Parliament building was thwarted in the 1600s. The day was made even more famous by the movie “V for Vendetta,” in which a vigilante wearing a Guy Fawkes mask carries out a similar plot.

That mask is the mascot of the Bank Transfer Day movement.

As Christian explains on the campaign’s Facebook page: “I started this because I felt like many of you do.  I was tired– tired of the fee increases, tired of not being able to access my money when I need to, tired of them using what little money I have to oppress my brothers & sisters.

“Me closing my account all on my lonesome wouldn’t have made a difference to these fat cats. But each of YOU standing up with me… they can’t drown out the noise we’ll make.”

Michael Schwartz is a BizSense reporter. Please send news tips to [email protected].

This story is for our paid subscribers only. Please become one of the thousands of BizSense Pro readers today!

Your subscription has expired. Renew now by choosing a subscription below!

For more informaiton, head over to your profile.

Profile


SUBSCRIBE NOW

 — 

 — 

 — 

TERMS OF SERVICE:

ALL MEMBERSHIPS RENEW AUTOMATICALLY. YOU WILL BE CHARGED FOR A 1 YEAR MEMBERSHIP RENEWAL AT THE RATE IN EFFECT AT THAT TIME UNLESS YOU CANCEL YOUR MEMBERSHIP BY LOGGING IN OR BY CONTACTING [email protected].

ALL CHARGES FOR MONTHLY OR ANNUAL MEMBERSHIPS ARE NONREFUNDABLE.

EACH MEMBERSHIP WILL ONLY FUNCTION ON UP TO 3 MACHINES. ACCOUNTS ABUSING THAT LIMIT WILL BE DISCONTINUED.

FOR ASSISTANCE WITH YOUR MEMBERSHIP PLEASE EMAIL [email protected]




Return to Homepage

Subscribe
Notify of
guest

5 Comments
oldest
newest most voted
Inline Feedbacks
View all comments
Casey Quinlan
Casey Quinlan
12 years ago

Terrific idea – I abandoned big banks a while ago for a credit union for personal banking, and community banks for business accounts. I may not be occupying Wall Street, but I fully support abandoning big banks tied to Wall Street. BTW, that face is the totemic image of Guy Fawkes, the focal point of Guy Fawkes Day/Night in Britain. Fawkes was behind the Gunpowder Plot in 1605, which tried and failed to blow up Parliament in an effort to overthrow King James I and return the thrown to a Catholic monarch. Guy Fawkes Day/Night celebrates Fawkes’ failure by burning… Read more »

Anne
Anne
12 years ago

I continue to be disturbed by comments and actions like Ms. Christian and the Occupy Wall Street protestors. There seems to be a growing animosity towards our banking and capital markets industries. When in truth, there should be an animosity towards the lawmakers in Washington, such as Frank, Dodd and Durbin. The Dodd-Frank Act, and the subsequent Durbin Amendment, is what has begun the dismantling of the financial structure which enabled free checking and debit cards for the consumers. Consumers have received a number of financial services at no direct cost to them because of the financial arrangement between banks… Read more »

Jeffry Pilcher | The Financial Brand
Jeffry Pilcher | The Financial Brand
12 years ago

While “Anne” the banker is busy pointing fingers in her comments (above), she conveniently bypassed what banks did to draw the attention of Congress in the first place. Dodd, Frank and Durbin cast their gaze on the banks because the industry was screwing people with things like Universal Default Clauses on credit cards and manipulative accounting systems designed to maximize overdrafts. And let’s not gloss over all the collateralized debt obligations, credit default swaps and other mortgage backed securities that brought the world’s economy to its knees. Yes, a strong lobbying effort by retailers helped push the Durbin Amendment through.… Read more »

Steve
Steve
12 years ago

Lets be honest here folks both ‘Anne” and “Jeffry” There is more than enought blame to go around. This issue like so many we face is not as simplistic as we want them to believe.

Brett
Brett
12 years ago

Watch the Inside Job documentary. Fascinating and disturbing.
The country’s financial structure was undermined by big banks and investment firms. There would be no need for the Dodd-Frank Act if Greenspan and the Investment banks learned to recognize greed on a massive scale. The Occupy groups just want those who started this mess to be held accountable as any American should. I don’t think that’s a lot to ask. Some are preaching socialism, but they are morons.