Big News on Bank Transfers
By Films For Action / yesmagazine.org
Feb 6, 2012

Two summers ago, at the U.S. Social Forum, I attended a panel discussion about ways to expand the use of credit unions as alternatives to the “too big to fail” banks whose risky investments had helped tank the economy. Each of the speakers—people involved in credit union leadership or advocacy—expressed confusion and frustration that they hadn’t already seen a post-crisis shift away from corporate banks and toward credit unions (which have the advantages of being not-for-profit, owned and governed by their depositors, far more likely than big banks to lend to small businesses, and not responsible for any global economic meltdowns).

It seemed that even as Americans were angry with Big Finance, they didn’t make the connection to their personal accounts.

In the last 90 days, Americans changed banking providers at three times the normal rate, with 5.6 million people moving their money to a different bank.

Fast forward to last fall—when Occupy Wall Street was in full swing and activists were mobilizing around Bank Transfer Day, an effort to get customers to leave their Wall Street banks—and it seemed everybody was making the connection. Suddenly I was overhearing conversations on the ferry, on the bus, on the soccer field. People kept saying, “I really should have done this a long time ago, but I’m switching from Bank of America [or Chase, or Wells Fargo]. What bank do you use?” Local credit unions and community banks started staying open for extra hours to accommodate the rush of new customers. One morning in November, at my own credit union, I overheard a man explaining to the teller that he was considering becoming a member—but first he wanted to know if his money would be invested in mortgage-backed securities or credit default swaps.

4.0 ·
1
Featured Pay Per View Films
Generation Revolution (2017)
72 min
A Quest for Meaning (2017)(Free till Jan 29th)
88 min
Fall and Winter (2013)
102 min
Trending Today
Samantha Bee Weighs in on Aziz Ansari and the #MeToo Backlash and It's Very On Point
8 min18,701 views today ·
The Invention of Capitalism: How a Self-Sufficient Peasantry was Whipped Into Industrial Wage Slaves
Yasha Levine16,556 views today ·
Paramedic's Response to "Burger Flippers" Making an Equal $15/Hour is Beautiful
Craig Carilli2,084 views today ·
A Quest for Meaning (2017)(Free till Jan 29th)
88 min1,970 views today ·
Today I Rise: This Beautiful Short Film Is Like a Love Poem For Your Heart and Soul
4 min1,663 views today ·
John Lennon's "Imagine," Made Into a Comic Strip
John Lennon. Art by Pablo Stanley1,277 views today ·
The Surprising Nobility of Shit: a Serious Response to President Donald Trump’s ‘Shithole’ Remarks About African Immigrants
Adebayo Akomolafe766 views today ·
This Facebook Comment About the UK Election Is Going Viral
Chris Renwick584 views today ·
Born Sexy Yesterday: Another Gendered Hollywood Movie Trope That Needs to Die
18 min372 views today ·
Load More


Love Films For Action? 

It's hard to rely 100% on ads to keep our organization going.
If you get some value from this library, consider making a donation today.

Support us on Patreon

Coming soon! We're days away from launching a Patreon campaign! We hope you'll be among the first to support this new direction for Films For Action. The goal is to go 100% ad-free by next year, and become 100% member supported!

Join us on Facebook
Big News on Bank Transfers