A Helpful Transfer
On November 5th, thousands of Americans are planning to send banks a strong message by being a part of the Bank Transfer Day movement. Participants are protesting the Durbin Amendment that caps the debit interchange fees banks can charge merchants.
When the movement begins, participants are will remove their funds from the major banking institutions to non-profit credit unions on or by November 5th. The goal is to show that Americans will not support companies with unethical business practices.
As of recently, a select number of banks began charging its checking account customers a monthly fee to continue using their debit account. Because of the Durbin Amendment, banks felt the need to implement a monthly fee to ensure that the bank does not lose money from checking accounts.
Participants are transferring their money to local credit unions because they are all non-profit forms of banking. Credit unions aren’t trying to make a profit off of checking accounts. Instead, any profit that they earn is returned to its members with lower interest rates on loans or cash back programs.
If you’re thinking about taking part in Bank Transfer Day, here is a list of local credit unions that are here to help you with the transition.
