As most of you know, Bank Transfer Day is November 5th. Bank Transfer Day organizers encourage you to move your bank accounts to a credit union on or before November 5th. I personally have moved all but one of my accounts at Bank of America, and that account will be moved in a matter of months. I am personally talking to everyone I know about moving their accounts too, but I am left asking myself one question. Can we do more?
Follow me bellow the squiggles.
I realize the majority of Americans don't have millions of dollars in the bank. Moving my accounts was a symbolic gesture. It got the bank manager's attention, but at the end of the day, the bank won't really "feel" my account closure. Thousands of us doing it across the country will send a strong message, and they might feel it a bit, but it won't be anything huge to them.
So I thought, why not start targeting those who actually have money? Who has a ton of money with these big banks? Organizations and companies. I saw earlier today on the Rec list that a church was moving their money out of Bank of America. It made me think, is there a way we can all work to get other organizations and companies to move money out of these big banks?
I am on the board of a very small not-for-profit and I am doing what I can to get the account moved to a community bank or credit union. I'm sure we all participate in some organization that banks at a big bank. Why not start a movement within that organization to move its money to a smaller bank or credit union? I spoke to my sister that goes to a very large church that has millions in the bank. She is going to speak to their finance committee and tell them they should move out of Bank of America and into a smaller bank. Churches and not-for-profits often have a lot of money in banks, why not target them?
What about companies you deal with all the time? Do they bank at a large bank? If they do, why not encourage them to move their money too? My friend owns a mid-size company and I know they bank at Wells Fargo. I talked to him about it today and he is considering a move to a smaller community bank. He'd be treated so much better at a small bank.
What about the really large companies? Maybe we could start boycotts or something?
Is this an awful idea or does it make any sense at all to actually get the ones with the big money to move their accounts too? Ideas are welcome.