Bank dumping days begin
Given the recent spotlight on attempts — and ultimate failures — by some of the nation’s biggest banks to tack on new debit card fees, thousands of disgruntled consumers have already either left or pledged to leave their current bank for a community bank or credit union, which are known for having fewer and/or lower bank account fees.
At least 650,000 consumers have already joined credit unions since Sept. 29, the day Bank of America (BAC, Fortune 500) announced plans to impose its controversial $5 debit card fee, according to a nationwide survey of credit unions by the Credit Union National Association.
That’s more than a year’s worth of members in a single month — with credit unions adding 600,000 members in all of 2010.
The new memberships in October amount to $4.5 billion in new savings accounts, CUNA said.
And while Bank of America and other banks have since backpedaled on imposing the fees, consumers are making it clear they are still fed up. More than four in every five credit unions said new customers cited days like “Bank Transfer Day” and new fees imposed by their banks as reasons for opening accounts.
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Strange Random Banking Quote:
Good bankers, like good tea, can only be appreciated when they are in hot water. – Jaffar Hussein
- Bank dumping day begins – Nov. 4, 2011 (mbcalyn.com)
- Bank Transfer Day: A Roundup of Credit Union Alternatives (savings.com)
- Lake Trust Credit Union Proves Great Value for Consumers Participating in “Bank Transfer Day”, Sat. Nov. 5 (prweb.com)
- Dump Your Bank Day…catching on (bonjupatten.wordpress.com)
- Fee Increase Attempt Inspires ‘Dump Your Bank Day’ (yro.slashdot.org)
- Credit unions add 650K members ahead of ‘Bank Transfer Day’ (content.usatoday.com)
- 6 Reasons to Move Your Money for Bank Transfer Day (shareable.net)
- Credit union enrollment skyrockets in October (dailykos.com)
- 650K Americans Have Closed Their Bank Accounts and Moved To Credit Unions – So Far (crooksandliars.com)
- Bank Transfer Day Looms, Will You Be Making the Switch? (inquisitr.com)
Posted on November 5, 2011, in Article and tagged Bank, Bank of America, Bank Transfer Day, Credit union, Credit Union National Association, Debit card, Move Your Money, Saturday. Bookmark the permalink. Leave a comment.