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.

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.

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

Hashtags To Use On Social Media

When Is This Day Celebrated