It's being called Bank Transfer Day. A national movement that began on Facebook.. Hoping to persuade people who bank with large corporate financial institutions, to make a switch to credit unions.
The creator, Kristen Chrisian, a small business owner from Los Angeles who says, "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.'
Golden1 Credit Union CEO Donna Bland says, "Credit unions and banks are very different.. Banks are owned by shareholders.. As a result banks return profit to shareholders.. Where as credit unions are owned by their members."
Bank Transfer Day organizers say the movement is meant to protest corporate bank's high fees, 'unfair lending' and 'foreclosure practices'. But its also meant to highlight the benefits of banking locally or with non-profit credit unions.
Even the advertisements issued by Golden1 are based around the movement. And they say they've already seen an 82 percent increase in checking accounts opening, in the last month. "The timing of this was just another way to capitalize on this consumer outrage over the fees that are being assessed to them," says Bland.
Many Chico residents disagree with the movement.. Stating that their happy with they're current corporate bank. Rolf Dornseif says, "I like credit unions.. I like the concept, but I don't think I will do that. Just for the convenience." Murray Smith says, "I bank with.. It was Butte Community and Wells Fargo, but now it's Rabobank and I'm quite happy."
While others are thinking of making the switch. Chico resident Christine Connerly says, "I do have a Bank of America credit card and I was considering possibly getting a credit card through the credit union instead..."
Bank transfer day is Saturday, November 5th. There will be a rally in Chico on the corner of Pillsbury and Cohasset at 9 am for those who have decided to close their accounts and transfer to local banks or credit unions.