Mark your calendars: Bank Transfer Day is coming up this November 5th. If you’re banking with a big corporate bank and you don’t like it, November 5 is the day to jump ship.

Fed up with Chase, Bank of America®, Citibank, or whichever large financial institution you deposit your paychecks with? A young woman from Los Angeles has organized a day for people just like you to take the plunge together, and join a credit union.

How Bank Transfer Day Began

The event was started by Kristen Christian, a 27-year-old gallery owner from Los Angeles. Sick of banking with a corporate bank, she decided to make the move to a credit union and bring others with her. So she started a Facebook event called Bank Transfer Day, inviting people to close up their corporate bank accounts in exchange for a local credit union.

The event has captured the zeitgeist, and is rapidly expanding. On Monday, reported that the event had 6,500 planning to attend. As of now, there are nearly 31,000 people “Attending” the event. (And because this is on Facebook, it’s worth mentioning that more than 5,000 are “Maybe Attending.”) It still has a few weeks to gain steam.

The 99% Is Getting Angry

Between people’s anger about post-Durbin amendment fees, and the growing Occupy Wall Street movement, Bank Transfer Day could not have come at a better time. In fact, their statements blend consumer outrage with the revolutionary rhetoric of OWS; they refer to new checking fees brought on by the Durbin Amendment as a “blatant attack on the 99%.”

Here is a little snip from readers responding to news of the Bank of America® (NYSE:BAC) $5 debit card usage fee:

Behind the Symbolism of Nov. 5

The date of the event and the logo also bear special significance. Early in the morning on November 5th, 1605, Guy Fawkes was discovered underneath the House of Lords in London with several barrels of gunpowder, with which he and a group of Catholics were planning to kill King James I later that day.

To this day, November 5th is celebrated in England by letting off fireworks. Here in the United States in recent years, the Guy Fawkes mask has become synonymous with Anonymous, the anti-establishment hacker collective.

The logo for the event is a stylized Guy Fawkes with an American flag superimposed on his face. Whether the boycott will have the same destructive force on big banks’ profits as Guy Fawkes’ gunpowder could have had on the House of Lords remains to be seen. If enough customers actually go through with this — instead of just hitting “Attending” or “Like” — it could send a strong message to commercial banks.

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  • Kristi Procopio

    THE TIME TO SWITCH IS NOW!!! Bank of Internet has everything you are looking for, Interest and TOTALLY FREE CHECKING!  Check us out!

  • Anonymous

    Anyone know of any free checking accounts with online bill pay, mobile capabilities, and low to no ATM fees?

    • Kristi Procopio

      Bank of Internet has UNLIMITED ATM withdrawals, free checking, interest and debit card rewards, mobile banking and bill pay!

    • Tara Da

      Ing Direct, been their customer for already 10 years and I am still in love with it!

      • Ron

        Ing is good, also look at  Upcoming internet bank that paya you 2-5% to use their Debit card.

    • 24×7

      use a credit union. I get all of those things, plus the profits stay with the members, not with the shareholders.

  • guest

    Is BB&T a bank that needs transferred out of?  Are we transferring out of all banks, or just the huge ones?

  • Drellaman

    The point is to take it out of a bank and put it in a credit union.  The whole movement is to get your money out of a bank.  Banks and credit unions are two different things.  

  • DiveMD

    I love it!  This is finally a great way  for “the people” to push back and take control.  I cant find a single reason to be with BoA.  There are so many good credit unions and small banks out there. Some will even give you free checking and ZERO ATM fees. 

  • mijadedios

    even if 100,000 of you people pulled out of Big Banks and went to Credit Unions it would make no difference. World Council of Credit Unions has a Jesuit as their #2. There are probably more too, you’re just shuffling your money and making things chaotic. That’s the whole purpose behind OWS and Anon, to create chaos. The more you protest, the less civil liberties you have and the less we as America will have. Look at the countries world wide that are revolting- MORE TYRANNY rises up MORE POLICE-STATE polices rise up. LESS freedom-No democracy. You’re creating what you say you’re against.

  • Cagney

    This is a great idea! I had Wells Fargo/Wachovia Bank. When I went to my on-line statement they were charging me twice for every transaction I was making and then blaming it on the businesses, until I called one of the businesses is when I realized it was Wells Fargos errors. When you call the bank they tell you it was productions fault and there is no way to call them, BS. The big banks act like it’s there money and not my money.

  • Bobswede1

    I have already close both my BoA and Chase accounts. Running everything out of my broker account.

  • November 5th is a Saturday. Super stupid, since all the credit unions in my hometown are CLOSED Saturdays.

    • Wow. I hadn’t realized that. I guess I’ll make a mental note on Nov. 5th to switch to a credit union on Monday.

    • 24×7

      open your credit union account in advance. be prepared so you don’t experience much disruption. It’s about disrupting the banks’ business – not yours 🙂