Customers are dumping their banks in droves ahead of the nationwide "Move Your Money" and "Bank Transfer Day" movements this Saturday, reported by CNN.
The recent attempt to add debit costs to customers by Bank of America has spurred many to begin transferring their accounts to local banks and credit unions that usually have fewer costs and lower fees.
According to a nationwide survey reported by CNN, 650,000 customers have joined credit unions since September 29th by the Credit Union National Association. That amounts to $4.5 billion in new savings accounts, CUNA said.
Following the momentum of recent Occupy Movement campaigns and the Oakland Occupy General Strike on November 3rd that shut down the Port of Oakland, "Move Your Money Day" and "Bank Transfer Day" are gaining support and being backed by consumer groups like MoveOn.org and the Progressive Change Campaign Committee (PCCC), which are urging customers to switch banks by this Saturday, November 5th -- and turning to social media outlets like Facebook and Twitter to spread the word increasing support.
American credit unions are attracting a new wave of interest as big banks have raised fees for consumers while global protests against the financial system have focused attention on corporate profits leaving the middle class in its wake of greed.
After hearing B of A’s announcement of the planned fee, Kristen Christian, a small business owner in Los Angeles, started a campaign on Facebook, the social networking website, calling for a national “bank transfer day” on November 5. A few weeks later, the page has attracted 55,000 supporters, a response Ms Christian describes as “humbling,” according to Financial Times.