Bank Transfer Day has been set for November 5th and credit unions are preparing for the event which will add weight to the Occupy Wall Street protests.

Many protesters see their physical attendance at Wall Street as a vital yet insufficient act when a double edged attack on the banks would be more effective by transferring funds away from the risk addicted investment houses.

The idea of removing funds from bank accounts en-mass is not a new one, footballer Eric Cantona and many other public figures have made similar calls, however with growing public support for the Occupy Wall Street movement and it's global counterparts, the idea of protest by financial action has a more receptive audience.

There is a difference though between closing your bank account and being in receipt of cash and transferring funds to a credit union seeing as account holders will be looking to match interest rates and this could prove to be a headache for CUs.

Many people will be looking for alternative places to transfer the money outside of credit Unions in places like precious metals or gold coinage.

Journalist and presenter Max Keiser promoted his Crash JP Morgan, Buy Silver campaign, which was another global phenomenon which may yet prove to be successful if a mass transfer of fiat currency heads into precious metals but there is then the perceived risk of exposure to the volatility of precious metals.

In fact on-line transfers of funds to credit unions or paying via card over the counter at stores selling gold or silver coins would also have a huge impact and prevent banks from physically opposing mass account closures.

But for protesters and those who oppose the banksters and the Fed yet cannot physically attend the Occupy protests there is still much merit in the idea of buying gold and silver coinage,  because it has the knock on effect that such a move will help debase the banks and the Fed by a full exit from the dollar.

And what happens if some gold commentators are proven correct and gold leaps beyond the $2,000 spot price?

November 5th also has another political significance in that it commemorates Guy Fawkes and the secret plan to overthrow the king.

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