That video is from MoveOn, who has jumped on the Move Your Money movement with their own parallel Move Your Money pledge for November 5. On the same day, activists using Facebook have planned Bank Transfer Day, and they have now received a whopping 75,000 RSVPs for the event from around the country. McClatchy writes it up:
Created by an art gallery owner in California, the movement has recruited nearly 75,000 people who have RSVP’d to the group’s event on Facebook.
Charlotte Metro Federal Credit Union has been Tweeting in support of the movement, and credit unions around the country have reported a rise in interest related to it.
The movement was created to oppose what it deems unethical practices by big banks and to support local institutions. It picked the Nov. 5 date to coincide with Guy Fawkes Day, the notorious failed bombing of the British House of Lords in 1605. Bank Transfer Day’s organizer says it wants to put a new meaning to the date.
The bank accountability group The New Bottom Line has also supported these efforts with a toolkit for people who want to move their money to promote events. And local organizations are sending press releases about their own events.
Meanwhile, the banks are preparing as well. I’ve obtained some email correspondence from a branch manager at a Chase bank in Manhattan. They’re apparently experimenting with some rebranding:
Sent: Tuesday, October 25, 2011 7:44 PM
Subject: Saturday Nov 5th – Chase Apparel and Pride Day in response to “Bank Transfer Day”
There is growing event named “Bank Transfer Day” scheduled for Saturday November 5th. In essence, this movement calls for customers to close their accounts and move to a credit union to send a “message” to the large banks.
Although it is not associated with Occupy Wall Street, OWS does support it.
· Saturday branches (Gateway, Wall & Williams, Tribeca, & Barclay) are participating in CHASE PRIDE DAY
· Chase Apparel as always & Excellent Customer Experience for any clients who come to close their accounts. (see Dress Code Guidelines)
· Global Security and Investigations (GSI) is monitoring tightly and will ensure we have appropriate preparedness and security on site.
Our branch partners need our awareness & support – let’s help make sure Bank Transfer Day becomes Chase Pride Day!
Happy Chase Pride Day!
It should be interesting to see how actually widespread the movement gets on Saturday. And while Felix Salmon may be right on the numbers, I completely disagree with him that the banks aren’t sweating this (as evidenced by the email above). Also, it’s not about “hurting” the bank’s bottom line. It’s about refusing to participate in a corrupt system of finance, and voting with your wallet to support institutions that are better stewards of your money. It’s not about bringing down the finance sector. It’s a personal issue.