Bank Transfer Day, Nov. 5, is catching on in Alaska
Denali Alaskan Federal Credit Union will join a viral national movement urging bank customers to move their accounts to nonprofit credit unions on Bank Transfer Day, Saturday, November 5, 2011. The movement is seen as an opportunity to educate consumers on why nonprofit credit unions are a better choice.
Credit unions across the country are being urged to educate consumers on why nonprofit credit unions are a better choice and let consumers know switching their accounts is easy, not a chore. Credit unions also are encouraged to find ways to leverage and extend Bank Transfer Day beyond November 5.
The movement was inspired by the millions of Americans who are upset by banking practices that led to big bailouts, record numbers of mortgage foreclosures, poor earnings on savings accounts, high interest on loans, and outrageous debit card and checking fees. Switching their bank accounts to credit unions is being promoted as an easy and beneficial way to vote with their feet and make a major statement to the banking industry.
Bank Transfer Day is the brainchild of Kristen Christian, a Los Angeles art dealer, who launched the movement on Facebook out of her frustration at Bank of America’s new five-dollar monthly debit card fee. It has nothing to do with “Occupy Wall Street,” although one credit union has announced plans to set up a booth at an OWS location.
Many other credit unions across the country also have announced plans to participate in the movement. Campaigns have been launched in Georgia, Missouri, Kansas, New Jersey, and several other states.
Denali Alaskan Federal Credit Union is the third largest credit union in Alaska, with more than 58,000 members and assets in excess of $450 million. The Credit Union’s 17 branches are located in Anchorage, Eagle River, Fairbanks, Juneau, Kenai and Wasilla.