The Credit Union National Association, the leading trade group for credit unions, reports 40,000 new accounts on November 5. This is 24 times the normal rate of membership increases for the industry in 2010, and two times the rate of membership since September 29, after the major banks tried to increase fees for using debit cards.
|By: David Dayen Wednesday November 9, 2011 8:15 am|
|By: David Dayen Sunday November 6, 2011 4:00 pm|
This is what I did yesterday. I participated in Bank Transfer Day by opening an account at a local credit union. But I only put a trivial amount into the account, and will then wire my money over electronically from Bank of America after being assured that all charges have cleared on that account. I’ve been a BofA customer, through sheer inertia, since 1998. Business was pretty brisk at the credit union, and the bank manager said it’s been that way for the last month (we do know from statistics provided by the Credit Union National Association that credit unions have added 650,000 new members with $4.5 billion in deposits since September 29, when Bank of America announced their since-abandoned debit card fee). When I said I was transferring from BofA, the bank manager smiled knowingly.
|By: Kevin Gosztola Sunday November 6, 2011 9:02 am|
Tens of thousands of Americans moved their money out of Big Banks into smaller banks or credit unions yesterday. The action was part of “National Bank Transfer Day.” The action mostly hinged upon individuals going into banks to close out their accounts with banks like Bank of America, Chase, Citibank, Wells Fargo, etc, but there [...]
|By: Lisa Derrick Friday October 7, 2011 6:00 am|
Money-movers, who advocate changing from large corporate banks to credit unions or small local banks, are calling to make November 5 a nationwide Bank Transfer Day.