Bank Transfer Day

DSC_0038_1150 by pbriggsiam
DSC_0038_1150, a photo by pbriggsiam on Flickr.
Tomorrow is Bank Transfer Day. If you have an account at one of the Too Big to Fail banks, move it to a Credit Union or local bank. Many have already.

Reacting to rising fees at banks, hundreds of thousands of consumers have rushed to credit unions over the past four weeks, and have joined existing credit union members in depositing or shifting billions of savings to credit unions, according to estimates released today by the Credit Union National Assn. (CUNA), the nation’s largest credit union advocacy group.

Based on the responses of a nationwide survey of 5,000 credit unions, CUNA estimates that at least 650,000 consumers across the nation have joined credit unions since Sept. 29 (the day Bank of America unveiled its now-rescinded $5 monthly debit card fee). Also during that time, CUNA estimates that credit unions have added $4.5 billion in new savings accounts, likely from the new members and existing members shifting their funds.

What this means is that more people have joined credit unions in the past month than in all of 2010.

Vermont has very few rules on who can join a credit union, so we have been a member of one since we moved here. They have always been very helpful.

The Move Your Money website setup by Rebuild the Dream currently shows (11:00pm Eastern time) over 76,000 people who have pledged to move their accounts tomorrow.

Why don’t you join them.

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I write about nutrition, health, food-related issues and spirituality at Whole Food-Whole Life.

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One comment on “Bank Transfer Day
  1. eurobrat says:

    We’ve been with a credit union for years and they’ve been wonderful. I can’t imagine why anyone would want to deal with the hassle of one of the large banks. I support the OWS protests, but I actually think actions like this, which hit the institutions in their pocketbook where it hurts, will have even more of an effect.

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