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Credit unions benefiting greatly ahead of Bank Transfer Day

Bank Transfer Day comes tomorrow, Nov. 5, but calls for people to take their money out of big banks and deposit it in community banks and credit unions are already having an effect.

The Credit Union National Association (known as CUNA) reports today that “at least 650,000 consumers across the nation have joined credit unions in the past four weeks, reflecting consumers’ reactions to rising fees at banks.”

CUNA “estimates that credit unions have added $4.5 billion in new savings accounts. More than four in every five credit unions experiencing growth since Sept. 29 attributed the growth to consumer reaction to new fees imposed by banks, or a combination of consumer reactions to the new bank fees plus the social media-inspired Bank Transfer Day.”

Kristen Christian, credited with creating Bank Transfer Day, writes, “While the Bank Transfer Day movement acknowledges the enthusiasm from Occupy Wall Street, the Bank Transfer Day movement was neither inspired by, derived from nor organized by the Occupy Wall Street movement, and the Bank Transfer Day movement does not endorse any activities conducted by Occupy Wall Street.”

Move Your Money — another movement similar to Bank Transfer Day — also calls on “individuals and institutions to divest from the nation’s largest Wall Street banks and move to local financial institutions.”

This week, about 200 people, representing a diverse array of organizations and unions, marched in Miami to demand accountability from Bank of America and to support the Occupy Miami movement. The protest came on the same day Bank of America announced it dropped a controversial proposal to charge $5 for using debit card use.

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