‘Dump Your Bank Day’ Appears To Catch On

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 (BACFortune 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.

To read this article in its entirety visit CNN Money.

  • It’s Me Again

    I am moving too! It’s too late to turn back now all of you “megabanks”! Fees to spend my own money, fees to save my own money! I may even go back to Mattress Banking! LOL!