Bank Transfer Day Is A Success! One Million People Move Their Money

Bank Transfer Day, which got its start as a Facebook event for a few friends, turned into an overwhelming national success in less than a month.

Frustrated by dishonest practices, lackluster customer service, and a willingness to gamble with taxpayer money, around 1 million people moved more than $4.5 billion from big banks into the nation’s roughly 7,000 credit unions alone, according to the Credit Union National Association (CUNA).

Since the only language for-profit banks understand is money, this ongoing movement ought to get their attention. Here’s Bank Transfer Day’s creator, Kristen Christian with more on the grassroots movement’s success:

If you didn’t hear about Bank Transfer Day in time, or just didn’t have time to move your money over the weekend, don’t worry: Bank Transfer Day has turned into Bank Transfer Week with many more Americans choosing to reclaim control of their money from the Big Banks in the days ahead.

Related Reading:

How To Move Your Money Out Of The Big Banks [Video]

Bank Of America CEO To Activists: The Pressure Is Working

Banks vs. Credit Unions: Which Is Right For You?

Image via Occupy Tallahassee

62 comments

Chris M.
Chris M.4 years ago

I love my credit union!

Mark Stevenson
Mark S.4 years ago

Well, James, that may be true. But I don't like credit cards because I don't like having to pay interest and service charges. How many people get in over their heads because they decided to "charge it" ??? Deep debt is a serious problem in this country. With debit cards, you spend no more than what you have in your account. (unless you are careless and get an overdraft).

Olga L.
Olga Leonenko4 years ago

Wow, I am impressed, and hope the movement will grow. I am with a big bank (President Choice, in Canada), but I pay zerro for any debit transaction, and no monthly fees, or I would look for another!

James S.
James S.4 years ago

Young, less-educated and low-income Americans are the worst affected by the side effects of the Fed’s rule to limit debit card interchange fees to about $0.24 per transaction, down from an average of $0.44 , we learn from a new Federal Reserve study. Joanna Stavins, an economist at the Boston Fed, tells us that:

"Because banks stand to lose revenues when the interchange fee rule becomes effective, they may raise fees – either on consumer bank accounts more broadly, or specifically on debit cards – to recover their losses."

How are they going to do that? Stavins:

"Any price changes may take the form of reduced rewards on debit cards or increased fees, either in a form of fixed term fees or as variable per-transaction fees. Fixed one-time fees are more likely to affect the adoption of a payment method, while per-transaction fees are more likely to affect the use of payment methods."

We know from other studies that young, low-income and less educated consumers are the ones relying most heavily on debit cards, partly because they have no access to credit. So at the end the issuers will manage to at worse recoup their losses, the merchants will be net winners as well and those consumers who can least afford it will be net losers from the interchange reform. http://blog.unibulmerchantservices.com/young-less-educated-and-low-income-consumers-most-affected-by-higher-debit-cost

Brian M.
Past Member 4 years ago

whoops, typo...I meant "So, now we all get to feel GOOD and pretend that we accomplished something. Bank Transfer Day doesn't begin to be enough. We have really got to bring the pain to the big institutions. We have to keep pushing until the banks are on their knees."

Brian M.
Past Member 4 years ago

So, now we all get to feel bad and pretend that we accomplished something. Bank Transfer Day doesn't begin to be enough. We have really got to bring the pain to the big institutions. We have to keep pushing until the banks are on their knees.

Dan Meier
Dan Meier4 years ago

I didn't participate because my money is already in a credit union

Kamryn M.
Kay M.4 years ago

hmmm

Deborah L.
Deborah L.4 years ago

I've been a Credit Union member for over 20yrs. Everyone I know that has used regular banks has always been overcharged, or suffered some irreparable loss of some sort. BofA screwed my Mom back in the 70's & almost took her house. I learned alot just watching others get financially abused. No thanks! Credit Unions Rock!

Heidi K.
Heidi K.4 years ago

In process of changing our bank (US Bank) to a local non-profit bank. We decided to change banks after some not so clear fees, that even their own customer service representatives could explain. I've also had some bad experiences with a credit union that changed management, so be careful.