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.
This Saturday, 99 Percenters are calling on Americans to move their money from big banks to credit unions and community banks on what is being called “Bank Transfer Day.” If you want to stand with the 99 Percent and take part in this action, use the Move Your Money project’scommunity bank and credit union finder tool to find out how.
- Moving money out of big banks an effective tactic (sfgate.com)
- Lake Trust Credit Union Proves Great Value for Consumers Participating in “Bank Transfer Day”, Sat. Nov. 5 (prweb.com)
- More People Joined Credit Unions Since BofA’s Debit Fee Controversy Than In All Of 2010: Survey (huffingtonpost.com)
- Americans Closing Bank Accounts, Moving Money to Credit Unions (usnews.com)
- Saturday, November 5th is Bank Transfer Day – Move Your Money Out of ‘Too Big to Fail’ (crooksandliars.com)
- Anger at banks is good news for credit unions (msnbc.msn.com)
- Fees: Banks’ Gift to Credit Unions (businessweek.com)