5th Of November

November 5, 2011 by staff 

5th Of November, Kristen Christian, a private citizen and small business owners are fed up with unfair fees and corporate banking. Therefore, he decided to make the fifth of November, the day the big banks will never forget.

Christian is the founder of EFT Day, a campaign launched on Facebook, where citizens are asked to close their bank accounts for profit business, and open accounts in credit unions in nonprofit or before 5 November.

The date was chosen to commemorate Guy Fawkes Day, which celebrates Guy Fawkes a member of the Gunpowder Plot to blow up the English Parliament attempted on November 5, 1605.

According to the website of the Bank Transfer Day Facebook, the move is a protest against corporate banks that plan to impose new tariffs in 2012 after the Durbin amendment was approved by President Barack Obama, which regulated the rates banks may impose on their customers.

The Facebook page states that no additional charges to the Bank of America could still do and 3228480000 in annual revenue, while Wells Fargo is made and 2,626,560,00, and JP Morgan (Chase) would and 4924800000.

“I started because I felt like many of you,” Kristen said Christian, according to the Facebook page. “I was tired, tired of the fare increases, tired of not having access to my money when you need it, tired of them with the little money they have to push my brothers and sisters. So I stood up. I close I realize all my just have not made a difference to these big boys. But every one of you stand with me … can not drown out the noise going to do. ”

Christian, owner of the Los Angeles art gallery has no affiliation with Anonymous or occupy Wall Street, says it is not an employee of the credit union, but is a member of Coast Hills Credit Union and Los Angeles Federal Credit Union.

According to CNN Money, people are dropping their mass corporate banks, with about 650,000 consumers and to join credit unions since the September 29 Bank of America dedcided day to impose a fee of 5 and a card debit plan was abandoned later.

CBS News has some advantages and disadvantages of changing a large bank for a bank or credit union smaller:

Pros: free or low cost commissions checking accounts, lower interest rates, increased revenue savings, personalized local service, savings, and 70 to several hundred dollars a year in fees

Cons: you have to move all their business and money elsewhere, which could take a couple of hours, less than desirable in terms of capacity and online banking sites, you can mail deposits and other transactions bank

By contrast, the daily reports that the bank transfer day can really help corporate banks, allowing them to take advantage of getting rid of their low balance free checking accounts, since they lose money on 55 percent of its customers, has of checks. According to the newspaper, estimated that each cost Novantas checking account costs and banks up to 250 annually.

More information about the day bank transfer and click here to find a credit union

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