On November 5th members of both Occupy Texas State along with Occupy San Marcos plan to pull their money from large corporate banks such as Bank of America and instead with to a local credit union. A+ Federal Credit Union which is hosting a “Go Bank Free” event between now and November 5th. A+FCU will deposit $50 into the members savings account for every Checking account opened and give a $20 deposit for every friend that is referred and becomes a first time member. On November the 5th they will have special extended hours and will stay open until 4PM at all branch locations to make switching more convenient. To make the deal even sweeter they are doing HOURLY prize drawings for Visa Gift Cards from $25-$100 for those who open up new checking accounts on Bank Transfer Day. This event was inspired by the The Move Your Money project is a campaign that aims to empower individuals and institutions to divest from the nation’s ‘Too Big To Fail’ Wall Street banks that have wreaked havoc on our economy and created the worst financial crisis since the Great Depression. Below is information taken from their site:
WHY SHOULD YOU MOVE YOUR MONEY?
Moving your money out of the big Wall Street banks to small community banks and credit unions is a great idea for a number of reasons: you will get better rates and fewer fees, your comunity banker will learn your name and provide you with more personal service, and you will be keeping money in your local community which increases economic development and eventually, creates more jobs. Yet the most important reason to move your money is to make your voice heard, to stand strong and no longer help a banking system that has run amok
INVEST IN MAIN STREET, NOT WALL STREET
When you keep your money in a local financial institution, that money in turn is reinvested in local businesses, which is important for building a stable economy and encouraging local growth. Put your money in the big Wall Street banks however, and they will use your deposits to make risky investments, gambling at the expense of the economy as a whole.
END TOO BIG TO FAIL
The big banks on Wall Street gambled with our money, then demanded a bailout of $700 billion. The size of these Wall Street “Banksters” threatens our economic system, yet their size has only increased since we bailed them out. According to FDIC data, the largest 5 banks held 13% of US deposits in 1994, today they hold 38%. If the government wont step in and break them up, then we must move our money ourselves and end ”Too Big To Fail” once and for all.
FEWER FEES, MORE SAVINGS
Worried about ATM fees? You shouldn’t be. More and more community banks and credit unions offer ATM surcharge-free networks, providing you with even more access to ATMs nationwide. Community banks and credit unions also charge on average less in fees, and often pay you higher interest on your accounts than big banks. The numbers are clear: the bigger the bank, the higher the fees.
GET MORE PERSONAL SERVICE
According to JD Power and Associates, small banks have consistently rated higher in overall customer satisfaction than their Wall Street counterparts and the gap has only widened in the last few years. Customers of community banks and credit unions talk to actual people when they call, instead of robotic phone-trees. Tellers often know them by name and treat their customers like family.
LEND A HAND TO LOCAL BUSINESSES
Smaller banks do disproportionately more small business lending than the big banks. Small businesses, in turn, are the main engine of job growth, accounting for 65% of new jobs. Banking locally is a great way to support independent businesses and create more jobs in your home town.
So go out into your local community and move your money!
Texas State: Occupied 