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Bank Transfer Day - November 5, 2011

According to one site on the internet (must be logged into Facebook to follow this link):

"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 to non-profit credit unions on or by this date, we will send a clear message to the 1% that conscious consumers won't support companies with unethical business practices.

• Research your local credit union options
• Open an account with the one that best suits your needs
• Cancel all automatic withdrawals & deposits
• Transfer your funds to the new account
• Follow your bank's procedures to close your account before 11/05


We think this is an interesting idea. If there is a free market for the provision of financial services, then this should be a welcomed initiative. If consumers are satisfied with banking services, then no one will transfer funds. If not satisfied, then free market theory says they have the right, if not the obligation, to look for and utilize new financial service providers.

Actually, this sounds like something we advocated in February, 2011. (Last two minutes of the linked interview.)