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Bank Transfer Day: 650,000 Have Made the Change so Far

by Michelle Schusterman Nov 5, 2011
As of November 5th, the Credit Union National Association reports that 650,000 consumers have joined credit unions across the nation, a reaction to increasing fees imposed by big banks.

I’VE BEEN READY TO SWITCH from Bank of America for awhile, and their plans to impose a $5 a month fee for debit cards sealed the deal. I wasn’t the only one ticked off – the additional charges brought on a Facebook-led movement known as Bank Transfer Day. The purpose: encourage consumers to exercise their rights and let banks know about their dissatisfaction by closing their accounts and finding an alternative.

The movement is already working – Bank of America recently rescinded their debit card fee plan and noted that it was due to public outcry. Other banks are listening up.

Will it be enough, or are banks facing more backlash? It’s not just about the debit card fee; Bank Transfer Day is just part of the larger Occupy movement that’s been going on for months. For people living from one paycheck to the next, an account with a credit union can help with saving money more so than a bank account.

“The results indicate that consumers are clearly making a smarter choice by moving to credit unions where, on average, they will save about $70 a year in fewer or no fees, lower rates on loans and higher return on savings,” said CUNA President/CEO Bill Cheney. “Many credit unions across the nation–whether they are realizing new members or not–are making special efforts to tap the surging interest in credit unions.”

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