Bank Transfer Day is a consumer activism initiative calling for a voluntary switch from commercial banks to not-for-profit credit unions by November 5, 2011. As of October 15, 2011, a Facebook page devoted to the effort had drawn more than 54,900 supporters.Debit card fees of $5 a month from the Bank of America are among steps leading to the Bank Transfer Day protest with a November 5 deadline.[Occupy Wall Street participants support the effort even though the events are not related
Bank Transfer Day encourages bank customers to transfer their cash out of big banks to credit unions. The event is in response to aggressive fees that big banks plan to roll out, notably Bank of America's decision to charge its debit card users with a $5 monthly fee and Wells Fargo's $3 charge of the same. The Facebook page for the event states the following: "Together we can ensure that these banking institutions will always remember the 5th of November!! If the 99% removes our funds from the major banking institutions to non-profit credit unions on or by this date, we will send a clear message to the 1% that conscious consumers won't support companies with unethical business practices.
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