Monday, November 07, 2011

Move Your Money

650,000 Americans Joined Credit Unions Last Month — More Than In All Of 2010 Combined

"One of the tactics the 99 Percenters are using to take back the country from the 1 percent is to move their money from big banks to credit unions, community banks, and other smaller financial unions that aren’t gambling with our nation’s future.

Now, the Credit Union National Association (CUNA) reports that a whopping 650,000 Americans have joined credit unions since Sept. 29 — the date that Bank of America announced it would start charging a $5 monthly debit fee, a move it backed down on this week.

To put that in perspective, there were only 600,000 new members for credit unions in all of 2010. “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 CUNA President Bill Cheney."

Crickets

Banks Mum on Customer Switches


"The big banks are keeping mum about whether customers are switching to non-profit credit unions this weekend as part of the Facebook-propelled "Bank Transfer Day" protest.

In Los Angeles, organizers predicted that thousands would move their accounts from the big commercial banks, but it was unclear how many actually did.

Doug Allen moved the bulk of his and his wife's savings to Partners Credit Union in Burbank, which has added some 600 new accounts recently and took the unusual step of opening its doors on a Saturday.

"I've meaning to do it for awhile, so when I saw this event today, I thought, 'That's the perfect reason to finally do it,'" Allen said.

An estimated 650,000 consumers have transferred $4.5 billion from banks to credit unions since the end of September.

Colleen Haggerty, a spokeswoman for Bank of America's Southern California operations, said the giant institution had no comment."

1 Comments:

Anonymous WiseFather said...

I made a video protest recently for my blog. It is quite funny even if you are pro-megabank. I called my credit card's customer service line to do some negotiating. Having a bit of leverage, I thought it presented a great opportunity to mess with them a little and make a few points about the unfairness of the credit card lending system. Since it's a protest at home, I called it my kitchen counterstrike against Bank of America. I think you might enjoy it. http://www.ragingwisdom.com/?p=508

18/11/11 9:27 AM  

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