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CU System
Facebook Bank Transfer Day generates pro-CU comments
MADISON, Wis. (10/11/11)--The FaceBook page for Bank Transfer Day, Nov. 5, is garnering many comments that are favorable to credit unions. Some protestors--who seem to be associated with the Occupy Wall Street movement--have organized the event to remove all funds from banks and into credit unions (www.cnbc.com Oct. 7). At issue is an amendment to the Dodd-Frank and Wall Street Reform and Consumer Protection Act that caps debt interchange fees banks charge merchants. The protestors say they oppose the amendment because banks will start charging customers $3 to $5 to offset cash the institutions will lose because of the interchange fee cap, CNBC said. Also, the Burlington Free Press reported Thursday on Burlington, Vt., resident Matt Cropp's participation in the ongoing "occupation" of Wall Street. Cropp, 24, noted the low-key activism is to continue every Sunday so long as the Wall Street protests remain in effect. "Cropp said he believes the demonstrations are as much about finding sustainable economic options, as they are against the excesses of Wall Street," said the article. "He favors locally managed credit unions over banks that received stimulus bailouts and that dole out huge bonuses," the article continued. Some of the comments posted on the Bank Transfer Day website include:
* “I’ve been with my credit union since I was about six years old. Never leaving. They treat me like a person and they actually help.” * “Already transferred to a credit union. I got tired of all the fees for the bank to hold my money.” * “I’ve been with credit unions since opening my first account at age 14. I wouldn’t have it any other way.” * “Credit unions are the only way to go.”
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