Buffalo Bank Transfer Day

According to your "move the money" links, transferring assets into First Niagara Financial Group or M+T is not encouraged.

I'm not exactly sure when making a profit became such a vile thing in this country, but aren't FNFG and M+T "local"? Isn't it through their profits that they invest in our community, underwrite the arts, support non-profits?

I suppose occupiers in Hartford or Pittsburgh or Philadelphia or Baltimore where FNFG and M+T have acquired smaller banks will actively target them the way this Buffalo version of the campaign is targeting others.

So, could the transfer of assets from, say HSBC or Bank of America - or FNFG/M+T, for that matter - contribute to local job loss? Isn't it possible that my "act" might jeopardize the livelihood for one of our neighbors who work at these institutions?

Hmmm....reading ahead, the local leader and board member of Buffalo First is employed by a local credit union. Is this just part of a strategy to open new accounts? No conflict of interest there.....

Do I have to return that free toaster if I move my savings account?

So many unanswered questions...but the premise seems flawed. I think I'll pass.

Now off to Elmwood/Bidwell to get some organic, locally grown arugula before the season ends...

I'll pass.

Evans Bank actually pays YOU 2% on your checking account. They advertise right here on this site. A great LOCAL bank that does ALOT for this area. Check them out, no ATM fees either.

This is the thing the occupy movement got right and most people were talking about when it all started. Even I said the same things a couple weeks back. Good on them for finding a real solution to their issues. I hope they open their own credit unions and do they best they can. Everyone is free to put there money where they want.

Hi Jimbuffalo,

This is definitely part of a strategy to open new credit union accounts! But it's not just in the interest of credit union employees; it's in the interest of everyone in our community. That's because ALL of the profits of credit unions stay here in WNY and the credit union reinvests those profits into expansion. That means it can hire more people, which my credit union Buffalo Metro is doing right now! Plus, credit unions members can help the credit union decide how to reinvest profits; this gives our community a lot more control over our own money.

On the other hand, most banks are publicly traded. That means they are "owned " by Wall St investors, who gain most of the bank's profits. Whatever is left over for reinvestment is at the discretion of the shareholders--not the customers. That's how a bank like HSBC can up and leave, laying off thousands. The same could happen with any local bank. Remember Marine Midland? That was a local bank that sold out to multinational HSBC, and now a decade or so later HSBC is moving on. The same thing could happen with First Niagara someday!

worthless logic and waste of time. here's why.

http://www.snopes.com/politics/gasoline/gasout.asp

Been with M&T since '99 and can't be happier with their level of community support and sponsorship. I dare you to try and find a cultural attraction that hasn't benefited in some way from M&T.

When it came to a Mortgage it was First Niagara. Another great local bank. I think your push to divest from wall street and locally is in its idea good but we have two great banks that put a lot back into their communities.

In Buffalo this Bank Transfer Day should have also supported M&T and First Niagara, and arguably even other "non-locals" like HSBC. These banks employee huge numbers of local residents and have also donated money for grants and sponsorships all over the metro for decades. There's no reason why these banks should be vilified, or in any way imply that they do less for the community than a Credit Union does. In fact they probably do much more.

And the continual anti-capitalist mindset of most of these protesters is why I could never directly support them. Being anti-corruption should not be considered the same thing as anti-capitalist.

Sarah Bishop>"Moving your money out of big Wall Street banks to small community banks and credit unions..."

Is Buffalo First's goal in this activism to cause layoffs of some of the many well-paid WNYers who work in the national HQ's here of the "big Wall Street banks" known as M&T Bank and First Niagara Bank (both publicly traded on "Wall Street" and both in the biggest 50 banks)?

What a nice attitude toward your neighbors that would be.

Sarah>"...when you transfer your assets and advocate for others to do the same,"

As an in kind response, should employees of M&T and FN banks and their friends/families now start a similar boycott vs. businesses who've affiliated with Buffalo First? Oh, that would be different because…. why?

Credit Unions just don't have the positive benefit to the overall community that large local banks provide. They don't employ as many people and they don't invest as much in local projects.

If you really want to make a statement, burn your money. If people started burning their money the world would be a warmer place.

shows you how old that chain letter is, Exxon and Mobil have merged into one company so it's no longer 'Exxon or Mobile'.

the price of gas is a result of the futures contracts traded by the floor traders of the NY Merc Exchange based on supply and demand and threats to supply, etc.

From what I hear over 1,000 people moved their money out of their accounts into local credit unions. The total transaction value was reportedly $843.23 as many had negative balances to begin with, but still good job.

Considering the Occupy Wall Street mantra of supporting "Main Street" over "Wall Street," its interesting to think about what literally is on "Main Street" in Buffalo.

At Fountain Plaza we have the Key Bank Tower (also home to a Merrill Lynch office), the Bank of America building, and M&T Center. As we move farther South on Main, we see M&T Plaza and across the street from that the Main Place Tower, home to a regional headquarters for JP Morgan Chase. A little farther south, we see One HSBC Center (home to thousands of HSBC employees that do things unrelated to retail branch banking). Then Main Street ends at First Niagara Center (which is actually headquartered a few blocks off Main St, but seemed worthy of mention anyway).

Thousands of Western New Yorkers, with good jobs on Main Street at the so-called "Wall Street Banks"

Well I've lost faith in "Buffalo First!"

You can tell which banks actually want personal checking accounts and which ones don't - those who actually provide interest-bearing checking accounts for regular-sized accounts!

Evans Bank and Bank of Holland are the two I've found that actually appear to WANT personal checking accounts.

Getting out of Bank of America is a no-brainer. Key doesn't offer anything in particular. M&T the same, if you don't care about having a silly Bills check card.