Bank Transfer Day

November 5 is Bank Transfer Day, an initiative asking motivated individuals to move their funds from large commercial banks to community banks and credit unions.

We’re excited to see a grassroots movement like this, reaching tens of thousands of people (over 70,000 people posted on Facebook that they are ‘attending’ this event) that calls to action anyone truly frustrated with the challenges of the current banking system, and who seeks a real economic change.   For inspiration, we wanted to offer an archive of highlights from our blog that speak to these challenges, as well as offer alternatives.   Last year, we featured posts from staffer Elizabeth U, who shared her personal story of how she assessed and re-aligned her finances with her values.  We’ve conducted a similar process on an organizational level, as part of how we are writing a new economic story, and using money as a tool for social transformation.   Transforming from what?  To what?  Well, in 2009, our CEO, Don Shaffer wrote that “The era of Wall Street domination is over.”   Since then, he has written on the many alternatives to a Wall Street dominated economy  and included a ‘wake up call’ after the New York Times wrote on secretive and elite derivatives trading.  Ted Levinson, head of our Lending program, responded to Don’s post on the Banking Crisis on the perils of both big business and too big government.   Digging deeper into our roots, founder and trustee Siegfried Finser reflected on the nature of interest itself, a fascinating read for anyone who ever loans or borrows funds.  Grounding our natural interest in interest, we developed RSF Prime, a rate determined through collaborative input and face-to-face pricing meetings between borrowers and investors.   We see Bank Transfer Day as an opportunity, along with countless others, to align your resources with your vision and values.   Click here to find a community bank or credit union in your area.   To learn more about investing with RSF Social Finance to support some of the highest impact non-profits and social enterprises around the country, please visit our investing page.  The minimum investment is $1000, and over the course of our 27 year history we have maintained a 100% repayment rate (plus interest) to our community of investors.   RSF18398