Happy Bank Transfer Day!

Otherwise known as - you're charging me 22% credit card interest when I have a FICO score above 750 and no missed payments? Seriously?

Today has been declared bank transfer day. A nationwide consumer call to action to pull money from Too Big To Fail, derivative ridden, foreclosure fraud laden, fee crazed, bail out happy, offshore outsourcing our jobs, banks.

Credit Unions are rejoicing and celebrating the event. From a Credit Union National Association, press release:

At least 650,000 consumers across the nation have joined credit unions in the past four weeks

This represents $4.5 billion in deposit transfers to credit unions. The online banks and smaller banks probably have similar amounts in transfers.

The Federal Reserve statistics on money stocks show fed up customers have a long way to go to make a serious dent on commercial banks. Savings deposits at commercial banks are about $5 trillion whereas credit unions, thrifts are about a trillion. Checking accounts and the like are a little more even, with about $237 billion at commercial banks and $177 billion at credit unions, savings and loans. Growing the credit unions, smaller financial institutions that actually give the consumer a good deal, loan, invest in the real U.S. economy and hire Americans ....well, let's just say ya gotta start somewhere.

Even if bank transfer day doesn't do shrinkage to some of these horrific banks, hopefully people will start being smart consumers generally and vote for change with their pocketbook. You do count, but only as consumers. Let's face it, none of us are billionaires to really count....as a campaign donor or someone who can buy a seat in Congress.

Here's some further action people can take:

Don't buy products or use services of corporations who offshore outsource jobs if at all possible. Sometimes you have to pick the least evil on this one. You can even buy the complete import and let the U.S. company know why you didn't choose their version of a product. Know about a business that is guilty of age discrimination? Let them know you won't buy their products or services because of it. Pick your outrage, the point is to take consumer action, petition action and write these corporations as well.

Another thing to demand are jobs. Find out who is hiring U.S. citizens, American workers and buy their product, their services. Companies laying people off and moving to China, forget it, don't give them your money. Find out which companies are hiring foreign guest workers instead of Americans. There are thousands to choose from on that score. Just go by the seat of your pants, literally. Yes, there are still pants made in America.

Maybe our government could care less what the people think, but businesses, whose profits still require Americans' money, do care. They care when their quarterly profit statement decreases and their stock price declines.

Right now Wells Fargo is trying to claim they provide jobs. O'Reily? In India? Mexico? Goldman Sachs, JPMorgan Chase, Citigroup and most notorious, Bank of America all offshore outsourced hundreds of thousands of jobs, laid off entire I.T. departments and import foreign guest workers instead of hiring U.S. citizen workers. When you move your money to a small credit union, you are eventually causing a jobs transfer along with your money. Those credit unions will have to hire more people and most importantly, so far, they are not outsourcers. Beyond getting a better deal for your financial needs, these credit unions and smaller banks are more apt to give credit to local businesses. Moving your money into them is actually a jobs multiplier.

Happy shoppin'.