Credit unions have seen an increase in membership ahead of ‘Bank Transfer Day.’ They have actually seen a rather substantial increase with more than 650,000 new members signing up with credit unions across the country over the past month. Compare that figure with the 600,000 new members the same unions saw in all of 2010. The 99 percent have struck a nerve and big banks are about to feel their wrath.
‘Bank Transfer Day’ was started on Facebook after Bank of America announced their plan to charge a $5 fee for debit card use. People across the country have hopped on board as the occupy movement has shed light on some of the unethical practices being put into play by banks such as Bank of America, Wells Fargo, JP Morgan Chase and Citigroup.
While Bank of America dropped the plan to implement their debit card fee, it did not stop the bleeding of customers. Credit unions across the country are doing everything they can to welcome new customers whether they are seeing large increases of members or not. November 5 has been designated as ‘Bank Transfer Day’ and there is a good chance that credit union membership totals will reach all time levels by the close of business on Saturday.