[POLL] Will Big Banks Remember the Fifth of November as Bank Transfer Day?

Kristen Christian, a private citizen and small business owner, got fed-up with unfair fees and corporate banking practices. So, she decided to make the fifth of November a day big banks will never forget.

Christian is the founder of Bank Transfer Day, a campaign launched on Facebook where citizens are being asked to close their accounts at for-profit corporate banks, and open accounts in non-for-profit credit unions on or before Nov. 5.

The date was chosen to commemorate Guy Fawkes Day, which celebrates Guy Fawkes a member of the Gunpowder plot who attempted to blow up the English Parliament on Nov. 5, 1605.

According to Bank Transfer Day’s Facebook page, the movement is a protest toward corporate-level banks who planned to impose new fees in 2012 after The Durbin Amendment was passed by President Barack Obama, which regulated fees banks could impose on its customers. 

The Facebook page states that without the additional fees Bank of America could still make $3,228,480,000 in annual profits; while Wells Fargo would make $2,626,560,00; and JP Morgan (Chase) would make $4,924,800,000. 

"I started this because I felt like many of you do,” said Kristen Christian, according to the Facebook page. “I was tired—tired of the fee increases, tired of not being able to access my money when I need to, tired of them using what little money I have to oppress my brothers and sisters. So I stood up. Me closing my account all on my lonesome wouldn't have made a difference to these fat cats. But each of YOU standing up with me... they can't drown out the noise we'll make."

Christian, a Los Angeles art gallery owner who has no affiliations to Anonymous or Occupy Wall Street, says she is not a credit union employee, but is a member of the Coast hills Credit Union and Los Angeles Federal Credit Union.

According to CNN Money, people are dropping their corporate banks in droves, with about 650,000 consumers already joining credit unions since Sept. 29, the day Bank of America dedcided to impose a $5 debit card fee—a plan that was later dropped.

CBS News offers some pros and cons to switching from a big bank to a smaller bank or credit union:

Pros: free or low cost checking account fees; lower interest rates; higher savings earnings; personalized local service; saving $70 to several hundred dollars a year in fees

Cons: you have to move all your business and funds to another place, which could take a couple of hours; less convenience in terms of online banking capabilities and locations; you may have to mail in deposits and other banking transactions

Conversely, The Daily reports that Bank Transfer Day can actually help corporate banks by allowing them to profit by getting rid of their low-balance free checking accounts since they lose money on 55 percent of their checking account customers. According to The Daily, Novantas estimates that each unprofitable checking account costs banks up to $250 annually.

Learn more about Bank Transfer day at http://banktransferday.org/ and click here to find a credit union http://www.findacreditunion.com/

What do you think?

• What affect do you think switching from corporate banks to credit unions will have?
• Will you be ditching your corporate bank for a smaller one or a credit union? Why or why not?
• Will this benefit or harm customers?
• Is this good for the economy? Why or why not?

Take our poll and tell us in the comments