The Excitement Builds as Bank Transfer Day Approaches
When Bank Transfer Day was first picked up by the media, the big banks remained unimpressed thinking surely it would be a non-event.
“Bank Transfer Day” urges consumers to transfer their accounts from banks to credit unions by Saturday, Nov. 5.
Now that hundreds of thousands of consumers have already moved billions of dollars ($4.5 billion as of Nov. 4th) to credit unions leading up to Bank Transfer Day, the big banks are worried – many of them have reversed their new debit card fees.
Reacting to the increased fees at banks, hundreds of thousands of consumers have rushed to credit unions over the past five weeks, and have shifted billions of dollars to credit unions, according to estimates released by the Credit Union National Assn. (CUNA), the nation’s largest credit union advocacy group.
Based on the responses of a national survey of 5,000 credit unions, CUNA estimates that at least 650,000 consumers across the nation have joined credit unions since Sept. 29 (the day Bank of America started its now-reversed $5 monthly debit card fee). CUNA estimates that credit unions have added $4.5 billion in new deposits, most likely from the new members and existing members shifting their funds.
As a long time supporter of credit unions and as a web design agency that exclusively works for credit unions, Avtec Media fully endorses Bank Transfer Day and applauds those credit union who are taking advantage of the movement by directly challenging banks in their media campaigns.
Like many credit unions, we believe “Every Day is Bank Transfer Day” and we hope the movement continues well beyond November 5th.
Good luck credit unions. American consumers are finally realizing the true value of the credit union movement.
Looking for a credit union?
Search for credit unions at aSmarterChoice.org – and find a credit union youare eligible to join.
In the Media
- Huffington Post – http://www.huffingtonpost.com/2011/11/03/occupy-la-bank-transfer-day_n_1074335.html
- Christian Science Monitor – http://www.csmonitor.com/USA/Politics/2011/1104/Bank-Transfer-Day-Occupy-backed-assault-on-big-banks-gaining-steam
- Daily Finance – http://www.dailyfinance.com/2011/11/04/big-banks-lose-billions-as-bank-transfer-day-approaches/
- Las Angeles Times – http://latimesblogs.latimes.com/money_co/2011/11/consumer-confidential-bank-transfer-day-credit-unions-protest-hoodia-ftc-settlement-weight-loss.html
- CNN Money – http://money.cnn.com/2011/11/03/pf/move_your_money_day/
- USA Today: Banking on Consumer Rights
- 3 Things Your Bank Doesn’t Want You To Know
- The Boston Globe: 96 Million Americans Bank with Credit Unions
- Press Center: CUNA – Hundreds of Thousands of Consumers, Billions of Dollars Move to Credit Unions
- Week in Review: Great Articles about Credit Unions from National Sources from the Past Week
- New York Times – Charging for Debit Cards Is Robbery
- Bank Transfer Day: CUNA Says 650,000 Have So Far
- Banks to Make Customers Pay Fee for Using Debit Cards