Bank dumping days begin

M&I Move Your Money Campaign

Customers are already dumping their banks in droves, ahead of the social media-driven movements known as “Move your Money Day” and “Bank Transfer Day” this Saturday.

NEW YORK (CNNMoney) — Customers are dumping their banks in droves ahead of the nationwide “Move Your Money” and “Bank Transfer Day” movements this Saturday.

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

 

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Posted on November 5, 2011, in Article and tagged , , , , , , , . Bookmark the permalink. Leave a comment.

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