From Credit.com:
Saturday November 5th was Bank Transfer Day, the day on which Americans were urged to switch their accounts from the big banks to credit unions. For a grassroots movement started by art gallery owner Kristen Christian on Facebook, it garnered a lot of media attention.
It also spurred activists from #OccupyWallStreet to take to the streets across the country:
But how effective was it?
On Tuesday, the Credit Union National Association (CUNA) said that more than 40,000 people joined credit unions on Bank Transfer Day itself, bringing with them $80 million in assets. One credit union in Georgia reported a 60-percent jump in new accounts on Nov. 5.And last week the CUNA released figures that an estimated 650,000 people had joined credit unions since Sept. 29 (the day Bank of America unveiled its now-rescinded $5 monthly debit card fee) compared to only 80,000 people on a normal month and more than the total of all people who switched in 2010, and had added an estimated $4.5 billion to new savings accounts at credit unions, both from new and existing members. ABC recently released a report which called the mass migration a "bank revolt," emphasizing the seriousness of the movement and the public awareness it has bred.
There are numerous online tools to help you make the switch. Start here at Institutional Risk Analytics' "Move Your Money" tool. Then go over here at aSmarterChoice.org to locate a credit union near you.
Or better yet, just go to MoveYourMoney's Credit Union finder:
http://moveyourmoneyproject.org/find-bankcredit-union
Finally, support the movement by visiting the "Move Your Money" project after you watch the following video...then Move Your Money!:
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Tags: Big Banks, Credit Unions, transfer money
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