October 21, 2011

BTD, aka Bank Transfer Day, is a call to people to re-invest in their local communities by transferring their funds from their current big bank to a local credit union on November 5, 2011. Need a refresh on the difference between banks and credit unions? Done and done. And done again.

So the thought is that while both financial institutions can offer you basic banking services, choosing to deal with a credit union will have a positive impact on the consumer & their local community. And if everyone makes the move to a credit union on the same day, the big banks will get the message that conscious consumers will not support companies with unethical business practices. Not sure where the “unethical business practices” part came from? Read up on how the movement started in the United States and has since been buzzed about north of the 49th parallel too.

If you decide to jump onboard then you can start by RSVPing to the BTD movement, mark your calendar, and then: 

  • Research your local credit union options
  • Open an account with the one that best suits your needs
  • Cancel all automatic withdrawals & deposits & transfer your funds to the new account
  • Follow your bank’s procedures to close your account on or before November 5th

If you decide to make the move to a credit union, let us know what it was that influenced your decision to make the switch. And if you already bank with a credit union, what is it that keeps you a member?


3 Responses to “WTF is BTD?”

  1. […] you read my earlier post on Bank Transfer Day and got all up to speed on the cause. And then when you went to take the dog out that afternoon, or […]

  2. […] the survey took place in the US, but with all the buzz north of the 49th parallel around Bank Transfer Day, one could deduce that Canadians may be less than enthused with their bank as well. With BTD taking […]

  3. Victoria said

    It’s appropriate time to make some plans for the future and it is time to be happy. I’ve read this post and if I
    could I desire to suggest you some interesting things or
    advice. Maybe you could write next articles referring to this article.

    I wish to read even more things about it!

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