A week after Bank Transfer Day we are starting to learn the impact of the populist uprising against outrageous and greedy big banks. On Saturday November 5th at least 40,000 customers opened accounts at credit unions alone. According to the Credit Union National Association (CUNA) Bank Transfer Day brought $90 million in new loans, and $80 million in new savings accounts to credit unions nationwide.
NationofChange was on the scene in San Diego on the 5th of November, documenting and marching in solidarity with the Bank Transfer Day and Occupy movements. Protesters, as well as some interested pedestrians, marched at high speed while shouting “Show me what Democracy looks like”, and then in unison “This is what Democracy looks like!” and “The People, United, will never be defeated!” around downtown starting at the San Diego Civic Center. The march stopped at a Bank of America and other local establishments to express frustration and to – most importantly – actively transfer money out of the predatory banking institutions. The human microphone was the most common form of mass communication as we marched, chanted, and displayed our resolve.
With stricter rules and stacking fees, as well as a growing distaste for banking institutions which are seen as tax dodgers who are unwilling to contribute to the society that enriched them, banking consumers have been migrating away from big business financial institutions and switching over to credit unions. According to CUNA, between the start of September and November 5th, more than 650,000 people had made the change in to a credit union, compared to only 80,000 people on a normal month and more than the total of all people who switched in 2010. Credit Unions added at least 40,000 new customers on Bank Transfer Day alone, and ABC recently released a report which called the mass migration a “bank revolt,” emphasizing the seriousness of the movement and the public awareness it has bred.
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