And it’s one of the few concrete things most of us can do. I don’t have time to go sit on the sidewalk in New York City, but I can make darn sure I’m not allowing a megabank to profit from me.
In fact, it looks like the folks over at MoveYourMoneyProject.com are wholeheartedly backing this aspect of the OWS movement – sending out the message that ordinary people can strike back and telling them exactly how to find a credit union, dispelling CU myths and misinformation, etc.
Some CUs have already reported a surge in new members thanks to new megabank fees, and in fact, a “Bank Transfer Day” has been declared for November 5 (Guy Fawkes day in the UK), giving many a concrete deadline and day to move their accounts.
One thing I find strange is the focus on checking and savings accounts. I understand that they’re the main interaction most people have with banking services, but quite frankly you’re doing BOA or Chase a big favor if you take your checking and savings elsewhere. Megabanks make their real money with credit cards and loans — in order to really strike a blow, you have to take away the interest you’re paying them.
If you’re a CU marketer, are you going to be ready on November 5? Unfortunately, November 5 is a Saturday this year. Are you able to open new accounts on Saturday or do you usually operate with a skeleton crew doing simple transactions? Most importantly, are you going to be ready to tell the rest of the CU story and help your new members truly break free from the megabanks?