In an effort to send a message to big banks, some organizers, who are supported by the protestors of the Occupy Wall Street movement, have organized an event to remove all funds from banks and into credit unions.
Organizers are calling the event "Bank Transfer Day" and are encouraging people nationwide to participate November 5.
"Together we can ensure that these banking institutions will ALWAYS remember the 5th of November!! If the 99% removes our funds from the major banking institutions on or by this date, we will send a clear message and give the 1% a taste of the fear that we experience every day when we aren't able to pay for our rent, food, medication, utilities, student loans, etc."
This reminds me of those glurge emails that suggest we "send a message" to OPEC by not buying any gasoline on a given day . . . never realizing that the need for the product is just as present the next day and you will head to Exxon to fill 'er up.
The same thing here. Assuming there is any money to withdraw - because, after all, aren't they claiming to be broke - you are not going to send cash to Sallie Mae to pay that student loan, or Macys for the credit card, and the money will be redeposited. Whether it makes it to a credit union remains to be seen.
But what's really funny is that November 5th is . . . a Saturday. While many banks do, in fact, have Saturday hours, because of increased expenses a lot have closed branches on a Saturday. Or have shortened hours.