Bank Transfer Day Needs A New Name

Bank Transfer Day is a gawdawful name. I saw one CU person’s tweet alluding to it as BTD. Ugh.

What the hell does it mean? Transfer your money from one bank account to another?

Yes, I know full well it’s about moving your money OUT OF a bank (and into a credit union).  But how is that obvious to the 99%? 

One friend (who shall remain nameless unless he tells me it’s OK to attribute this to him) suggested calling it Tell Your Bank To Shove It Day.

Now we’re talking. 

How about CU Later Banks! Day? (Or is that too obvious?)

Or maybe Break The Bank Day is better. On second thought, Durbin’s already pretty much proclaimed 2011 to be Break The Bank Year.

Spank Your Bank Day is another option. Too violent?

I don’t know what the right answer is, and it doesn’t really matter what I think since nobody is going to change the name based on what I have to say. But maybe I can get the powers to be to rethink the name.

Having said that, who are the “powers that be”?

If you know, please let me know. Because after I ask them to change the name, I’m going to suggest that they change the date. Doing this on a Saturday isn’t the best idea.

And who came up with that picture? It looks like The Joker from the Batman series and movies.

What do you think the day should be called?

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17 thoughts on “Bank Transfer Day Needs A New Name

  1. There’s a great line in the movie, V for Vendetta that says, “artists use lies to tell the truth”. In the case of Bank Transfer Day, the line should read, banks use lies to tell the truth. I agree that the name Bank Transfer Day leaves a little to be desired but BTD has many possibilities like, Bitterness (B) Tempered (T) in Displeasure (D). BTD uses the Guy Fawkes mask from V for Vendetta as their logo. Taking it a step further, why not alter the mask with a red handlebar mustache and chin puff to represent the life blood of america’s savings taken by the banks and, instead of V for Vendetta, it’s renamed B (banks) for Vendetta. Hey, its just a thought.

  2. Kenny: Yeah, I like the BTD possibility angle. How about Bank-Transmitted Diseases OR Banked To Death.. Banks could use the acronym too: Bleeding Thanks to Durbin.

  3. I’m in the camp of “call me whatever you want, just don’t forget to call me to dinner.” Based on increased traffic to credit unions it seems like people are getting it.

    (But if we’re naming things: Flee The Greed. Buck You Bank (too Texas? The other option is too… Funky.). or…WTF BOA? )

  4. Personally I don’t have a problem with the name BUT I have a problem with you and others asking why the heck this is on a Saturday. (Generally, I’m a fan Ron. :-)) Credit unions are supposed to serve their members and potential members and if these people have the time to jump ship from a big bank to a credit unions, it will likely be on a Saturday. AND in particular the hourly wage earners, who are often lower income would have to make the switch on Saturday so as not to cut into their pay, which they hope to deposit into the credit union. Maybe the logistical problem is NOT THE CONSUMERS BUT THE FINANCIAL INSTITUTIONS that are doing everything as they’ve always done.

  5. Sarah:
    1. Thanks for being a fan. Disagreeing or arguing with me doesn’t mean you can’t still be a fan. 🙂
    2. I see your point and agree. I retract my criticism regarding the day of the week.
    3. HOWEVER… (you don’t think I’m going to pass on a snarkable opportunity, do you?)… the #OWS people have been sitting around doing nothing (except complaining) for more than a month now. Seems to me that pretty much ANY day of the week would be suitable for BTD.

  6. Run, don’t just walk away from ur bank.
    Let’s CU skip on in & smile again.

    Hokey… Maybe 😉

    CU. WhY daY…b/c at the end of everY daY, You & Your MoneY matters….. (and it can be done any day, MondaY, TuesdaY, WednesdaY…. Otherwise its a 1 time event, rather than an ongoing process to improve upon. People will get discouraged and think they ‘missed’ the Special. Little do they know (for now anyways) that ‘special’ has been served to everyday folks since 1935 😉

  7. Lisa: Hokey isn’t bad. BTD is hardly better than hokey ideas. I do like Winter’s suggestion of Flee The Greed Day, though.

    If BTD was the day before, maybe it could be called FRIday (Financial Restriction Independence Day).

    OK, I’ll go back to work now. 🙂

  8. You know, it just hit me (sad, because I was on a podcast talking about this today) — if it’s not supposed to be taking place ON November 5, necessarily, then why call it “Bank Transfer Day”? Why not call the time between Oct. 5 and Nov. 5 “bank transfer month”?

  9. I think the reality is people do best with a hard deadline, I think that’s why so many things “we” come up with end up being too milque toast to work… (myself included)

    I wonder if there will be hoards on Saturday, or if it’s going to be really about the numbers prior to then.

  10. I’m less concerned with the name and more concerned with whether it is only going to drive a spike in future dormant memberships. What about the day after BTD? And the day after that? Are we ready? I don’t just want their deposits. I want their financial relationship because I believe I can enrich their financial well being. When the anger subsides, will they just go crawling back because I can’t meet their needs? Its more than a day. Are we ready to walk the walk?

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  12. Nancy: I think your concerns are spot on. The other question that CUs need to address is: What are they going to do with the money that walks in the door? How will it be productively and profitably used?

  13. Nancy- I sure hope so. If we are not I think we will be so much worse off than we ever were before. I want to ensure that any new members coming our way are getting the service they serve and are looking for by making this change. If we can’t accomplish that and be a financial institution that improves their financial life then we’re not doing the job we have promised to do.

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