One week ago, more than 40,000 new credit union accounts were opened on Bank Transfer Day. That same day, approximately $90 million in loans were made by credit unions across the United States. Based on these preliminary figures, Bank Transfer Day has generated very effective results; it has also spawned an ongoing movement that many view as a productive alternative to Occupy Wall Street.
The Bank Transfer Day movement is guided by concise and non-inflammatory objectives. Founder Kristen Christian does not want to end capitalism or collapse big banks; instead, she is focused on empowering consumers and generating growth in local communities. When viewed comparatively with Occupy Wall Street, Kristen’s mission clearly resonates better with Americans, and as such, has produced measurable success.
In the midst of a media frenzy, Kristen recently spoke with Examiner.com about the Bank Transfer Day movement. Her ideas are particularly inspiring to this author, whose heated tirades on big banks are often characterized as liabilities – not assets – by thought leaders.
How does Bank Transfer Day differ from Occupy Wall Street and related efforts?
The Twitter hashtag frequently used to support Bank Transfer Day – #louderthanwords – highlights my intent of promoting a civil course of action; the Bank Transfer Day movement offers a clear and concise mission that citizens can participate in independently and as part of a broader movement. I believe this direct action speaks louder than any publicity or protest demonstration could.
Are you surprised at the public response and interest you’ve generated thus far?
When I created the Bank Transfer Day event and sent it to 500 of my Facebook friends, I assumed that less than half would respond. I would’ve been satisfied with that result because I firmly believe that every dollar has an opportunity to make a difference within our communities.
Do you think we are witnessing the end of Big Banks in America?
The goal of Bank Transfer Day was never to disrupt corporate-level banking institutions, but instead to promote growth on the local level. I believe that the world is witnessing a consumer awakening. Businesses will have to re-work their structures and practices in order to receive the continued support from consumers.
As a small business owner, do you support capitalism?
I believe the Bank Transfer Day movement is capitalism in action. In my own personal life, I’ve strived to support companies within my own local community, and with ethics in line with my own. With Le Spec Gallery, I have sought out local vendors for all outside sourcing and supplies.
Anonymous supports Bank Transfer Day – how do you feel about that?
While the Bank Transfer Day movement acknowledges enthusiasm from Anonymous and Occupy Wall Street, it was not inspired by, derived from, nor organized on behalf of Anonymous or Occupy Wall Street. This movement does not endorse any activities conducted by either group; my goal is to enrich communities, rather than disrupt them.
Bank Transfer Day has spawned a global movement, so what’s next for you?
I have yet to concrete plans, but I can tell you that this movement hasn’t come to a grinding halt as of November 6. Many Americans are switching to credit unions post-Bank Transfer Day, so I will continue providing support and information to anyone that is still interested. Whatever lies ahead for me, I will leverage the momentum that this movement has generated, and put my skills to the most effective use possible.
What are your thoughts on the Federal Reserve, if any?
I hope that our political figures will examine the manner in which the Federal Reserve System currently operates, and determine if any changes can be made for the benefit of the American public. Patience is key, as changes of such magnitude always need to be carefully considered and executed.
For more information on the Bank Transfer Day movement, visit http://www.facebook.com/Nov.Fifth
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