On The Eve Of Bank Transfer Day
Bank Transfer Day is Saturday, Nov. 5, but credit unions are already noticing some changes:
- 650,000 more members
- $4.5 billion in new deposits
"That's 50,000 more new accounts than for all of 2010," said USA Today.
According to the Washington Post, it was a small business owner in L.A. who started the movement in response to Bank of America's announcement that it would start chargeing a $5 monthly debit card fee.
"It’s too little, too late,” said Kristen Christian to the Washington Post, the 27-year-old Los Angeles small business owner who started “Bank Transfer Day.” She already opened accounts at two credit unions in preparation for cutting ties with Bank of America this weekend.
“Consumers are waking up and seeing that they have options,” she said.
Even though Bank of America said on Nov. 1 that it would retract the implementation of the fees, the Bank Transfer Day movement had already been embraced, especially by the "99 Percent" and the Occupy movement.
But will it make a difference?
If it does, the Washington Post expects that it won't be by much.
Even with its public support, however, it’s not likely that any account closings that take place on Saturday will make a big dent with industry titans such as Chase, which is the largest bank in the country with some 26.5 million checking accounts.
But the credit unions may continue to feel some extra love thoughout the weekend.
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