Bank of America To Charge $5 Monthly Fee For Debit Card Usage

[Razgovory]

Oh.  Well I only have one checking account, so they should be fine.

[Josquius]

Now lookee here.

Bank Customers Flee to CUs
By Ed Roberts
NOV 3, 2011 10:40am EDT

WASHINGTON — An estimated 650,000 consumers have closed their bank accounts and opted for credit union membership over the past four weeks, according to CUNA, bringing the approach to Saturday's Bank Transfer Day to a crescendo.

In a survey of 5,000 of its credit union members 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650,000 consumers across the nation have joined credit unions since Sept. 29, the day Bank of America unveiled its now-rescinded $5 monthly debit card fee.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.

The survey results also show that more than four in every five credit unions experiencing member growth since Sept. 29 attributed the growth to consumer reaction to new fees imposed by banks, or a combination of consumer reactions to the new bank fees plus the social media-inspired "Bank Transfer Day," Nov. 5.

"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.

Cheney said the growth is particularly noticeable at larger credit unions (those with $100 million or more in assets, which account for about 20% of all credit unions – but count about 80% of all credit union members). The CUNA survey shows that more than 70% of these credit unions reported they have seen growth in memberships and deposits since Sept. 29.

I recall reading something about a day being planned for lots of people to drop big banks en masse....maybe the 5th of November? Did anything come of that?

[Habbaku]

I recall reading something about a day being planned for lots of people to drop big banks en masse....maybe the 5th of November? Did anything come of that?

Where did you read that?  The article you quoted, maybe?

[Jacob]

I recall reading something about a day being planned for lots of people to drop big banks en masse....maybe the 5th of November? Did anything come of that?

Where did you read that?  The article you quoted, maybe?

[Josquius]

Which is why I brought it up, I have read stuff about it before hand and seeing it here jogged my memory. The article is being very general and speaking of the last few weeks, it mentions the day but not what came exactly of it.0

[Habbaku]

That's probably because the article you claim to have read, but seem to have forgotten within the last 15 minutes, was written on November 3rd.  Like it says.  In the article you claim to have read.

[Josquius]

Which is why I'm asking....

[Habbaku]

http://en.wikipedia.org/wiki/Bank_Transfer_Day#Credit_unions_realize_increased_revenues

Between September 29, the day that Bank of America announced it's (now defunct) monthly fee for debit card transactions, and November 2, credit unions received $4.5 billion in funds and 650,000 new customers, which equated to a 50% increase in new accounts.[15][16] CUNA claimed that on November 5, 2011 alone, approximately 40,000 people joined credit unions, with credit unions realizing $80 million in new account funds.