planet-smart blog

Bank Transfer Day shines spotlight on New Resource

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New Resource Bank

The Bank Transfer Day grassroots movement urging people to move their money out of big banks by Nov. 5, coupled with our own Move Your Money campaign, put New Resource in the media spotlight—and led new customers to the bank in record numbers.

The bank was profiled or prominently featured in the New York TimesDealBook section (print and online) and Fast Company’s website showcased the bank in its Nov. 4 feature story, “The Financial Institutions Banking on Occupy Wall Street’s ‘Move Your Money Day’.”

The website NerdWallet featured a Q&A with CEO Vince Siciliano titled “The Small Bank, the Small Business and the Benefits of Thinking Local.” Local media coverage included an in-studio interview by the San Francisco NBC affiliate with CEO Vince Siciliano on Nov. 5, an interview with EVP Bill Peterson Nov. 4 on KPFA’s Terra Nova program and a Nov. 7 article in the San Francisco Business Times, “’Bank Transfer Day’ Signals Shift in Protest to Deposits.”

Typically, the bank opens 40–60 accounts per month. During October we opened 154 new accounts and $1.5 million in deposits. As of Nov. 8, we opened 109 new accounts since the beginning of the month, with $1.1 million in deposits. And new accounts keep coming in.

Our Move Your Money campaign continues through Nov. 15. If you open a new account by that date, we’ll donate $25 to one of four nonprofit organizations (you pick which one), as long as your account remains active for six months. See the Move Your Money page for details.

It’s hard to know how many people moved their money for Bank Transfer Day, and there are no counts for small and community banks, but Move Your Money reports that more than 80,000 people pledged to make the move, and the Credit Union National Association reported more than 650,000 new credit union accounts since September.

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