Bank Transfer Day | Kidadl


Bank Transfer Day

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Where is Bank Transfer Day celebrated?  

Bank Transfer Day is celebrated in the United States where it started as a form of protest to the profit-making practices of financial institutions, such as banks, and in support of credit unions, where customer emptied out their accounts and moved them to credit unions.

Who is Bank Transfer Day celebrated by?

Bank Transfer Day is celebrated by people of the United States. The day encourages citizens to move their money from banks in the wake of unethical business practices carried out by banks.

When did Bank Transfer Day first start?

The aptly named day was first started in the November of 2011 when an exodus of banking customers occurred due to a hike in debit card charges, which banks had started taking to balance out lost revenue due to an amendment in the financial regulation. On November 5, people that had grown weary of the antics of large banks switched to credit unions.

Who started Bank Transfer Day?

Sigurd Olin Christian, a Californian art gallery owner is largely credited as the founder of the day when his online rant became viral where he had urged customers to empty out their savings and checking account and transfer their funds from banking institutions and into local credit unions.

Bank Transfer Day celebrates consumer protection and financial regulation.

History and Timeline

In 2008, post Wall Street crash and the financial crisis, public attitude, and emotions against financial firms had become largely negative, and an anti-trust sentiment had risen. Following this, there was an emigration of a large number of customers from traditional banks to credit unions, they had opened new accounts to protest the increase in the charges levied by the banks on debit card transactions.


Collapse Of The Wall Street

Proceeding the financial crisis of 2008, the general sentiment against financial institutions became extremely negative. A plethora of movements to rise against economic inequality had popped up all over the nation such as 'Occupy Wall Street.'


The Initial Sparks

The public sentiment regarding banks and the colossal horde of money that they had come to accumulate under shady practices had started to get colder. Major public personalities had started voicing out against the unethical practices of banks.

October 2011

Durbin Amendment

Durbin amendment was a financial regulation that prohibited banks from charging merchants over a certain amount on debit card transactions. The banks made up for these lost fees by charging new fees on debit card usage by their account holders.

November 2011

Public Reaction To Fees Hike

There was a massive outcry in the public from this event and a large exodus of customers from account holders had started to occur.

Traditions and Customs

The day is a popularization of protest against unethical practices by businesses and the celebration of anti-trust and consumer protection law. It highlights the exploitative nature of financial mega-corporations and the consequences of unregulated financial loopholes. It is also a celebration of the massive support and funding that credit unions had received in the wake of the event. Something one must never forget is that, even if you're one of many individuals who join together and make the switch, your bank is unlikely to mind.

The first Bank Transfer Day took place on a Saturday. Despite the fact that not all credit unions were open six days a week, many did so for the occasion. It is a protest against giant financial firms functioning solely for profit, and it celebrates anti-trust and consumer protection regulations.

Ways to Celebrate Bank Transfer Day

Christian, the proprietor of an art gallery in Los Angeles, California, complained about Bank of America's excessive rates and bad customer service. He organized a Facebook event and asked his friends to terminate their accounts with large for-profit banks by November 5, 2011, and shift their money to credit unions.

If you choose to, you can shift your account to a credit union as well, but your bank likely won't mind.

Facts and Stats

  • Sigurd Olin Christian, a Californian art gallery proprietor is largely credited as the founder of the day.
  • Bank Transfer Day is regarded as one of the major reasons why credit unions had newer accounts opened.
  • Bank Transfer Day was first held in the November of 2011.

FAQs About Bank Transfer Day

What is the significance of Bank Transfer Day?

It celebrates the anti-trust and consumer protection laws and is a protest against large financial corporations working to only generate profits.

Why do people celebrate Bank Transfer Day?

People and credit union members celebrate the day in lieu of the significant events that took place in November 2011.

What does Bank Transfer Day entail?

It entails the protest against the fees levied by banks on debit card transactions to balance out the revenue lost due to financial regulations.

Does everyone celebrate Bank Transfer Day?

It is celebrated by conscious customers with anti-trust sentiments against large financial corporations. It is observed in the United States, particularly by the associates and credit union members who celebrate the financial freedom and abundance of benefits that you receive whilst utilizing a credit union.

Hashtags To Use On Social Media


When Is This Day Celebrated

Date Day
November 05, 2020 Thursday
November 05, 2021 Friday
November 05, 2022 Saturday
November 05, 2023 Sunday
November 05, 2024 Tuesday

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