November 5 has been designated Bank Transfer Day or Move Your Money day, the day to send the message to the too-big-to-fail Wall Street banks that they have failed us.
But it looks like the tsunami has already begun. The Credit Union National Association (CUNA) says that some 650,000 people have opened credit unions in the past month – more than in all of 2010.
Customers were livid after Bank of America announced they would introduce a $5 monthly fee for using their debit cards, as a way of keeping their profits high after a new federal law had tried to limit them. But it looks like they’re feeling the heat – earlier this week they scrapped the fee. Other banks have also backed down from planned fees.
“These results indicate that consumers are clearly making a smarter choice by moving to credit unions where, on average, they will save about $70 a year in fewer or no fees, lower rates on loans and higher return on savings.” said Bill Cheney, president and CEO of CU
The Free 