Source: CNN Money
NEW YORK – Customers are dumping their banks in droves ahead of the nationwide “Move Your Money” and “Bank Transfer Day” movements this Saturday.
Given the recent spotlight on attempts — and ultimate failures — by some of the nation’s biggest banks to tack on new debit card fees, thousands of disgruntled consumers have already either left or pledged to leave their current bank for a community bank or credit union, which are known for having fewer and/or lower bank account fees.
At least 650,000 consumers have already joined credit unions since Sept. 29, the day Bank of America (BAC, Fortune 500) announced plans to impose its controversial $5 debit card fee, according to a nationwide survey of credit unions by the Credit Union National Association.
That’s more than a year’s worth of members in a single month — with credit unions adding 600,000 members in all of 2010.
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