Customers Cashing Out of Big Banks

Big banks might be a little less occupied come Nov. 5.

Bank Transfer Day is calling for people to close accounts at for-profit banking institutions.

The event page says it acknowledges the Occupy Wall Street movement, but has chosen not to endorse the movement. But Occupy San Diego is encouraging people to participate in Bank Transfer Day by leaving big banks in favor of credit unions.

“A lot of our participants have already moved their money out of big banks,” said Occupy SD organizer Kali Katt.

The group plans to distribute fliers and rally in front of for-profit banks on Nov. 5 in support of Bank Transfer Day.

“It is a way to show the 1 percent … if we can take their power away, we’re going to,” Katt said.

Credit unions are taking advantage of big bank dissatisfaction to bring new customers, and San Diego County Credit Union has seen a huge increase.

“In the last three weeks, plus this week, over 200 percent increase in new account openings for us,” said President of San Diego County Credit Union Teresa Halleck. “They’ll see that we don’t play the games that some of the big banks play.”

Finance professor at SDSU Tony Cherin said this is an opportune time for credit unions to get out even more.

“[There is] this move against large banks because they know that their CEOs and upper management are getting huge salaries, they are the one percenters,” Cherin said.

More information about Bank Transfer Day can be found on its Facebook page.

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