November 5, 2011, was National Bank Transfer Day. This was a day when many Americans were encouraged to move their personal funds from larger financial institutions to smaller, local banks. The goal behind this was to boost local economies while also reducing the risk of another banking crisis in the future.
Many college students participated in National Bank Transfer Day this year. However, some went above and beyond the normal call to action and asked their schools to close their corporate bank accounts as well. These students delivered petitions to college administrators asking that the schools move their funds into local community banks and credit unions.
Dan Apfel is the executive director of the Responsible Endowments Coalition. He said that the schools can make these transfers without taking the risk of compromising any returns on their investments. He also said that by do so, the schools will help create a connection between themselves and the communities that they are located in. Collectively, American colleges and universities have around $350 billion in endowments, so if these schools did invest this money in local banks, it could have a great impact on the local economies.
However, even if the schools are not pursued to change their banking locations, it will not stop students from making a statement.
“I’m switching to a credit union because of tiny fees that just started to add up with Wells Fargo,” said Catherine Meyer, a student at the University of Colorado. “I don’t feel connected to my bank, as I would like to with people taking care of my money. I’m sick of overdraft fees and other little fees and strings-attached nonsense.”
Although National Bank Transfer Day has passed, it’s not too late to make a stand. If you want to transfer your funds to a local bank, it is a great way to feel more in control of your money and establish a connection with the community you live in.
What do you think about National Bank Transfer Day? Is it a good thing or a waste of energy? Tell us your opinions in the comment section below.