Customers are dumping their banks in droves ahead of the nationwide "Move Your Money" and "Bank Transfer Day"
Tired of banks charging you unnecessary fees? Here's how to get 'em...
If you can't occupy Wall Street, keep Wall Street occupied!
650,000 Americans Joined Credit Unions Last Month —
More Than In All Of 2010 Combined
Bank dumping days begin
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.
CONTINUES
http://money.cnn.com/2011/11/03/pf/move_your_money_day/
Comment
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Comment by Jan Lindstrom on November 5, 2011 at 1:17pm
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Wells Fargo stole over 2k from my husband years ago by not showing his deposits for a couple of days so they could tack on fees. Our Attorney said they were so clever that it would cost us more to pay him to go over all the details. Local Credit Unions for us.
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Comment by Southern Patriot on November 5, 2011 at 1:15pm
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Credit Unions are member owned which means that you get dividends from your banks profits.
Try getting BOA or any of the other mega banks to do that.
I'm all for it!
This is the way to bring the mega banks down and cripple the federal reserve system.
Community banks and credit unions have a vested interest in the communities they serve.
Get involved in the member meetings as well. Get your bank or credit union to diversify their portfolios and purchase physical bullion as a hedge against inflation. You may even convince them to print their own regional currencies like many other cities are doing to combat inflation inherent to the fiat dollar.
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Comment by Starleen Brust on November 5, 2011 at 11:58am
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After 20 years with Wells Fargo....Good Bye....you have not shown any loyalty. Your fees increase, your mistakes increase. You forgot....its my money that you keep taking and playing with.
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Comment by Patrick W on November 4, 2011 at 11:55pm
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That piece had me grinning like a deranged banker! Good times!!!
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Comment by youhavetoforgiveme on November 4, 2011 at 7:19pm
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Thanks for making my day! Glad to hear it!
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Comment by Nikki on November 4, 2011 at 3:44pm
"Destroying the New World Order"
THANK YOU FOR SUPPORTING THE SITE!
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