CHICAGO ( MainStreet) -- Hot on the heels of Bank Transfer Day, in which a disgruntled Bank of America (BAC - Get Report) customer encouraged people to transfer their accounts from major banks to local banks and credit unions, comes Dec. 11's Balance Transfer Day, which has credit cards in the cross hairs.The objective of the movement is to get credit card holders to transfer their outstanding debts from high-interest credit cards to cards with zero-interest rates and zero-balance transfer fees issued by credit unions and small, community banks.
|A Dec. 11 protest encourages customers to switch balances to credit cards with 0% interest -- a move that would primarily take money from big banks such as Bank of America and put it with smaller banks and credit unions.|
Banks receive millions of dollars from the federal government at interest rates as low as 0%, or in some cases they do not have to repay borrowed funds at all! ... Yet we the consumers are charged costly fees and interest rates of 15% and more for borrowing money from banks. Essentially, banks are using our own tax money to make even more money off of us. So why don't we beat the banks at their own game and demand the same 0% interest rate that they receive from the federal government?