Twitter Facebook Donate   Sign up to join Economic Fairness Oregon

Blog » Moving Day

Moving Day

This post is also available on our Move Your Money website, an excellent resource for anyone considering the benefits of banking local. Pay us a visit at!

Bank Transfer Day was a great success! From Portland to Poughkeepsie, customers stood up against big banks by closing their accounts and opening news ones at community banks and credit unions.

Here in Portland, Northwest Resource Federal Credit Union - normally closed on Saturdays - opened especially for the occasion. In just three hours, the bank registered more new customers than they usually do in almost a month! The symbolic day may have come and gone, but as consumer advocates, we think the message is just gaining steam. People are realizing they have the power to change the banking industry one account at a time, and the excitement is only growing.

EFO was part of a lengthy discussion about the Move Your Money message just this morning on OPB's Think Out Loud, where several callers shared their stories of making the move to a local bank.

The theme can also be carried well beyond the realm of individual bank accounts. Businesses and governments are some of the most vital customers to a big bank. By moving these large sums of cash to a community-focused financial institution, the impact cannot be ignored or the benefit to the local economy underestimated. Oregon Representative Jefferson Smith elaborates on the idea in an op-ed featured in The Huffington Post.

Lastly, if you were one of the many Oregonians who switched their accounts over the weekend, don't stop now! Get involved in the policy stances your new credit union adopts by weighing in, asking questions and even running for a leadership position on the board. Credit unions in Oregon often stand with big banks (even using the same lobbyist) instead of consumers when it comes to policy proposals such as foreclosure reform and predatory lending practices. The beauty of a credit union as opposed to a big bank is that you, the customer, can actually have a voice. Learn more about how to get involved and make sure your credit union is acting in the best interest of you and your community here.