Happy Bank Transfer Day!

Happy Bank Transfer Day!  So I know you're probably thinking "What the hell is Bank Transfer Day?"  It's the day when you're supposed to ditch your bank in favor of a credit union.  Kind of hard today since many credit unions aren't open on Saturdays but the concept is to leave those corrupt institutions and place your hard earned money is more likely to work for you.  This year's iteration of this concept has taken a new tenor because of the Occupy Wall Street movement and the recent fees that banks are trying to force down their customer's throats, such as a $5 monthly fee to use a debt card.  Now, truth me told, I work for a credit union so this may come across as a sales pitch for the one I work...which is why I won't tell you where I work (most of my close friends already know anyway lol).  I'm sharing this because the credit union approach is completely different from the bank approach.  Banks are there to serve their shareholders and to give them a return on their investment.  To that end, they will do anything to keep their profit margins high.  With the credit card/overdraft fee reform a couple of years ago, banks were scrambling to recoup those fees. That's why free checking accounts went away and some banks are even charging for teller services and paper statements.  Banks used to give you something for your trouble (i.e. interest on your accounts) for having your money in their institution that they were going to lend out and make money on.  What a novel concept...right?  Credit unions, however, are co-ops that exist for the financial benefit for the entire membership.  They're not there to make money (let me repeat that...THEY'RE NOT HERE TO MAKE MONEY) but rather for the financial thrift of their members.  You want your money held in an institution where they have your best interests in mind (i.e. low loan/mortgage rates, interest-bearing accounts, etc).  If you're looking to change from a bank to a credit union you can start your search here at findacreditunion.com.  Happy hunting guys...gotta save your coins as best you can these days.

-Dub