November 5 is Bank Transfer Day which united ordinary consumers in the wake of a discontent message.  The day’s organizers pointed out about the big banks’ voracity and  urging the public to transfer their checking and savings accounts to Credit Unions instead of continuously banking with global banks.  Several media outlets wondered that the Bank Transfer Day is just an undisclosed promotion by Credit Unions.  These are member-maintained and regulated nonprofit financial establishments.  It provides competitive rates for members, promotes community development and inspiring frugality.  Being a not-for-profit association credit unions are not forced to pay taxes.  Moreover, it has no capability to sell company share.

Excerpt:

“The organizers of the day were pointing to banks’ greed and persuading public to transfer their checking and savings accounts to Credit Unions rather than continue banking with global banks.”

Original article can be found at:

http://www.forbes.com/sites/jasoncollazo/2011/11/08/credit-unions-101-how-switching-to-a-credit-union-can-save-you-money/

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