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Bank Transfer Day - Credit Unions Gain Thousands Of New Clients Over The Weekend

WSJ Video - Report on Bank Transfer Day


Video - Charlotte Metro Creidt Union - Avoid Bank Of America's Fee Pigs


Thousands of people flooded into credit unions and small banks over the weekend as part of "Bank Transfer Day," an effort to prod depositors to abandon giant banks. But at least some of the big banks won't mind losing those customers.

On Saturday, the Boeing Employees' Credit Union in Seattle signed up a one-day record 659 new members. At the grand opening of a Randolph-Brooks Federal Credit Union branch in Pflugerville, Texas, the parking lot was so full that customers had to leave their cars across the street.

Dozens of people opened an account at the Texas credit union as a local disc jockey gave away prizes. "They'll treat me like a good customer," said Charlie Estes, 33 years old, who pulled his life savings out of J.P. Morgan Chase & Co., the largest U.S. bank as measured in assets. J.P. Morgan declined to comment.

It won't be clear for several weeks how many deposits moved to credit unions—the member-owned cooperatives that can't sell stock and don't pay taxes—on Bank Transfer Day. But the sprawling, loosely organized effort got lots of attention, partly because of controversial plans by Bank of America Corp. and other large banks to charge customers for using debit cards. The big banks retreated after widespread public furor.

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Reader Comments (2)

The Wild Ride of the 1%


Sob story of the rich and gilded.
Nov 7, 2011 at 10:44 AM | Registered CommenterDailyBail
Faith restored. I wonder what the question will be to Dylan Ratigan when they loose there customer base? Surfing may not come up. It's not called 99% for nothing. And weather liked or not, the 1% may just have to come to terms that non of this is funny anymore and some fair play is required.

Thank god people are starting to pull together. At least it seems.
Nov 8, 2011 at 7:15 AM | Unregistered CommenterDave

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