by Steve Punch, President & CEO

Bank Transfer Day is a movement started by Kristen Christian, a 27-year old Los Angeles art gallery owner. Christian recently created a Facebook page to voice her frustration with big banks who continue to implement or increase fees to create larger stockholder profit.


The page encourages consumers to move their money from big banks to smaller community banks and credit unions by the Bank Transfer Day deadline of November 5, 2011. The page’s popularity swelled and it currently boasts over 34,000 “Likes,” and over 65,000 commitments to leave big banks.


The Bank Transfer Day Facebook page explains, “In a stand of solidarity, we will transfer our money and close our accounts with these major banking institutions to take our business to community banks and credit unions. We will send a clear message.” Christian emphasizes that her actions are not related to the Occupy Wall Street movement or any political affiliation, but are simply an effort to have more control over her money.


The fundamental mission of credit unions is to provide high-quality and affordable financial services –free checking accounts and debit cards are only a small part of the value and service difference they provide. We also think it’s our responsibility to provide a big bank alternative. Credit unions give consumers, like you, a choice.


We are happy for the publicity that credit unions are receiving from grassroots, consumer-driven initiatives like Bank Transfer Day. These initiatives speak to the core of credit union values. We believe Bank of America reversed their decision to unilaterally implement a debit card fee because of Bank Transfer Day and other consumer movements.


As a credit union member, I encourage you to tell your friends, co-workers and family members about Pacific Service CU. We work hard to earn your trust and provide affordable, honest financial services to loyal members, like you. Furthermore, we look forward to educating the new members you refer about the benefits of credit union membership.


If you’ve recently joined our Credit Union – we’re grateful to have your business. To our long-term members, as always, thank you for your continued support of Pacific Service CU.