November 7, 2011 in News
‘Bank transfer day’ encourages customers to leave big banks (WSOC -- Charlotte, NC):
Thousands of people nationwide pledged to leave their big banks in exchange for credit unions. It was all part of a grass roots movement called “Bank Transfer Day.”
The movement encouraged people to make the move on Saturday in protest of high fees at banks.
“Local credit unions have a proven track record of investing in their local communities by giving loans with low interest rates too small to medium sized businesses. These loans enable businesses to expand their companies and hire additional employees,” said Bank Transfer Day organizer Kristen Christian.
North Texans Take Part In Bank Transfer Day (KDAF -- Dallas, TX):
It started as a Facebook phenomenon and on Saturday, North Texans took part in Bank Transfer Day. While some people did transfer their accounts, what happened with Occupy Dallas protesters also made headlines, as eight protesters were arrested.
Neighborhood Credit Union in Dallas extended their hours Saturday so people could switch from big for-profit banks to the non-profit credit union.
“I heard a lot on the news about people moving and I just decided to do some research. So I went online and looked up the credit unions, see which ones were involved in the communities,” said Bobby Frank, who ended up at Neighborhood Credit Union. “I was just afraid that the banks were going to go up on the fees, so I decided just to move our business account to a credit union.”
Bank Transfer Day in Seattle (KMVT -- Seattle, WA):
A nationwide campaign to close accounts from major banks and move money to smaller credit unions gained local support throughout Seattle, Washington Saturday morning.
Supporters of ‘Bank Transfer Day,’ along with Occupy Seattle demonstrators, attended JP Morgan Chase Banks along with Bank of America branches and several people closed their accounts in solidarity with the movement.
Attendees and supporters of the movement said that they are fed up with the fees and charges they are billed by their major banks. They also add that despite tax payers bailing out banks the people never get a break.
Bank Transfer Day (WLNS -- Lansing, MI):
“Everyday is a great day to join a credit union from our perspective”, says Leann mares with the Michigan credit union league and a grass roots movement spreading across the country has made Saturday the day to do it.
The movement is called “bank transfer day” and here in mid Michigan, it appears people are making changes. It’s an effort started by just one person in California upset with banking fees and it’s grown to a nation-wide movement, as more 80-thousand people have joined together through facebook-- many of them vowing Saturday- on November 5th-- to take their money out of banks and deposit it in local credit unions instead.
Mares says “bank transfer day is here, its going to come and go, its not an everyday thing but we think it’s a time when people are going to really look at credit unions as an alternative.” According to Mares a lot of Michiganders already made the switch long before today.
“Credit Unions have a very strong hold in Michigan already, we have about 4 and a half million members just here in Michigan and what our population is around 10 million people, so we have about a 45% market share already.”
Bank Transfer Day Hits Metro (WOWT -- Omaha, NE):
A trend sweeping across the nation has seen almost a quarter of a million people pulling all their money out of their banks. They’re moving their funds to credit unions, and locally it’s catching on.
Those tired of increased fees at banks are doing something about it. Saturday is “Bank Transfer Day” which asks people to move their funds from for-profit banks to credit unions.
According to the Credit Union National Association, 650,000 Americans have joined credit unions since September 29th, which is the same day that Bank of America said they would start charging a $5 monthly debit fee. In 2010, 600,000 people switched to credit unions.
National Bank Transfer Day in Eugene (KVAL -- Eugene, OR):
Occupy Eugene protesters, activists against big banks and local credit unions jumped on the National Bank Transfer Day bandwagon on Saturday, urging people to drop their big corporate banks and transfer to a local credit union or community bank.
“The corporation’s not a person, I am a person,” chanted protesters again and again on their way from Free Speech Plaza on Oak Street to Chase Bank downtown.
The march started as an Occupy Eugene rally at 11 a.m. with about 100 demonstrators.
From Chase Bank, to Bank of America, to Wells Fargo, the march gathered community members until it was approximately 300 strong.
Locals Take Part in “Bank Transfer Day” Movement (KTVN -- Reno, NV):
Around the country on Saturday, thousands of Americans decided to close their corporate bank accounts, and open new ones with credit unions.
Here at home, we caught up with several consumers who say they were angry enough to take part in “Bank Transfer Day.”
“Fees over at the other bank were costly,” Stacy Penrose of Reno said. “So, I decided this was the best approach.”
“It’s kind of part of the movement that’s going on right now,” said Brittney Osborn of Reno. “I feel a little bit more, better cautiously to be putting my money somewhere where it’s going to be recycled through my community.”
Smaller institutions busy on ‘Bank Transfer Day’ (KARE -- Minneapolis, MN):
Anger over proposed bank fees has sparked a Facebook grassroots movement dubbed “Bank Transfer Day.”
In September, Bank of America announced it would charge a $5 monthly fee for debit card use which it later rescinded. But that move kicked off a storm of protest that coincided with the Occupy Wall Street movement which has focused much of its anger at big banks after the financial collapse of 2008.
So on Saturday, some Americans, fed up with fees from national for-profit banks, moved their money into smaller community banks or non-profit credit unions as part of “Bank Transfer Day.”
Local Credit Union Profits From Bank Transfer Day (KOAT -- Albuquerque, NM):
Demonstrators urged millions of people to ditch their banks and do business with a credit union Saturday.
Dozens of protesters braved the cold weather and lined the streets right outside of the Coronado Mall in Albuquerque for what they call the National Bank Transfer Day.
Bank Transfer Day is a grassroots effort that started on Facebook, and protesters said the message is simple: “People are unhappy with big banks’ practices and are taking their business elsewhere.”
Bank Transfer Day (KIMT -- Mason City, IA):
Major banks may be losing some customers, as efforts to bank local spread to Mason City.
Today is “Bank Transfer Day” according to groups fed up with increasing bank fees. It’s an event encouraging folks to change from big banks to small ones.
One local credit union tells us they even opened on Saturday to give folks the chance to join.
Bank Transfer Day: Credit Unions Gaining Members (KSEE -- Fresno, CA):
Thousands of people are expected to move their money from banks to credit unions this weekend. The grass roots movement has named November 5th as National Bank Transfer Day.
Saturday is moving day for bank customers who are sick of the hidden fees and what they call “corporate greed.” Nearly 80,000 people have joined the Facebook page supporting “Bank Transfer Day.”
Boulder bank customers close accounts on ‘Bank Transfer Day’ (KDVR -- Denver, CO):
In Boulder and hundreds of other cities tens of thousands of Americans are closing bank accounts.
It’s a worldwide movement to let big banks know people are unhappy with all the bail-outs, lavish trips, and excess profits gained with more and more processing fees.
“I just started a Facebook page with about 500 of my friends,” said Christina Christen.
“This whole thing has really taken off with the help of both social media and the Occupy Movement.”
The goal of the campaign is to have people pull money out of the for-profit banks and open accounts at any of the nation’s 7,400 credit unions.
“Move your money” day hits the Valley (KPHO -- Phoenix, AZ):
“Move your money,” was the message coming from demonstrators Saturday, Nov. 5, as part of “Bank Transfer Day.”
“Take your money out of the big banks and put it into community banks and into credit unions,” said McKinley Thomas, one of the demonstrators. “Banks are too big to fail and the taxpayers had to bail them out,” he said.
And that’s the message these people are trying to spread. McKinley and several others gathered outside Chase Bank in Central Phoenix on Saturday where some of them actually pulled their own cash out of some of the biggest named banks in the business.
“This country needs to get out of the mess that we are in. We need jobs. We don’t need banks, we don’t need corporations that outsource their jobs overseas,” said demonstrator Maureen Fauss.
Numbers show backlash against new bank fees (KSL -- Salt Lake City, UT):
We’ve all heard the talk and seen the ads about anger over proposed debit card fees and other costs associated with banking. Now the numbers are showing the extent of the backlash banks are getting.
“Bank Transfer Day” began about a month ago, an idea by a California woman who chose Nov. 5 as a target date for frustrated bank customers to switch their money to credit unions.
The Los Angeles art gallery owner posted the initiative on Facebook, urging friends to support not-for-profit credit unions in switching over. The movement went viral, and thousands of people are on board.
Customers switching to credit unions from banks (KJRH -- Tulsa, OK):
Fed up with rising bank fees, many consumers are moving their money to credit unions.
Last month 650,000 Americans joined a credit union, more than the number who joined in all of 2010.
“A credit union is like a financial co-op. Everyone that belongs to a credit union is a part owner of the credit union,” said Tim Lyons, CEO of Tulsa Teachers Credit Union (TTCU), which serves a group of 85,000 people, from school employees to students, their families and employee groups.
“A credit union does offer the same financial services that a bank would offer,” said Lyons. “But we do it for the benefit of the membership rather than for the benefit of the stockholders.”
Credit Unions Seize Growth Opportunity from Anti-Bank Movement (WIFR -- Rockford, IL):
American banks have been on the fence about member fees and this has sparked a national movement. While the banks are looking at charging for service, one credit union in the Stateline is actually paying their customers for their business.
First American Credit Union is paying their customers five dollars a month for using their debit cards. Rhe payment of gratitude counters Bank of America’s five dollar monthly debit fee that the bank retracted Wednesday. A movement was started last month called “Bank Transfer Day”. On the protest’s Facebook page it urges people to switch to their local credit unions because they feel they offer better customer service.
Move Your Money Movement! (WENY -- Elmira, NY):
Will you make the switch?
Local credit unions and smaller banks in the area are praising the movement, hoping the grassroots campaign will help drive members into their doors.
“We’re hoping it will impact us very positively by adding a lot of new members to the credit union, we’re very excited,” says Stephanie Carl, PR & Marketing Director for Corning Credit Union.
More 44,000 Facebook users have pledged to leave large, national banks and bank with the smaller credit unions and banks.
Grassroots effort spurs bank transfer day (NECN -- Newton, MA):
The voice of protest is outside a Bank of America branch in Boston, where people closed their accounts and moved their money Saturday morning in hopes of sending a message.
“We closed our account today so we could put our money in a local bank that pays taxes and is supportive of the local community,” said former Bank of America customer Rachel Broudy.
Dubbed Bank Transfer Day, people all over the country transferred their savings and other accounts from large corporate banks and put them in small banks or credit unions. They don’t think the big banks are doing enough to help the poor and middle class.
Bank Transfer Day in Tri-Cities (KNDO -- Yakima, WA):
Bank Transfer Day in Tri-Cities. A number of locals in Richland and Kennewick were protesting outside of many Bank of Americas on Saturday. The National Bank Transfer Day has been a hot topic ever since Bank of America announced a monthly $5 debit card charge.
After a big uproar by the public, bank representatives said they would not enforce the fee. Still many people in the Tri-Cities say they’re still fed up with bank fees and something needs to change.
Protestor James Snodgrass says “one of the things that this movement is about is social and economic equality and bringing that about. Bringing about that change that we can as individuals bring about.”
Bank of America employees have been anticipating the protests and have even increased their security. So far no demonstrators have caused any major problems.
Ann Arbor residents protest for Bank Transfer Day (WXYZ -- Detroit, MI):
The movement “Bank Transfer Day” picked up steam across the country, including in Ann Arbor on Saturday.
Dozens of protesters marched through downtown before picketing in front of Bank of America and Chase banks on Main Street. It was a combined effort between MoveOn.org and Occupy Ann Arbor.
“The crisis that we’re having now in terms of jobs and housing is not the fault of the people. It’s the fault of the banks and corrupt banking practices,” said Fritz McDonald, an organizer with MoveOn.
Movement To Trade in Big Banks for Credit Unions Hits Central Texas (KCEN -- Waco, TX):
It started in September with the “Occupy Wall Street” movement. Consumers fed up with corporate greed.
“They’re stealing from you, and that’s the bottom line,” says New York City protestor Nicole Carty.
Then Bank of America added fuel to the fire. Announcing in October a plan to charge debit card users a $5 monthly fee. Other banks planned to follow suit.
“It’s just another slap in the face for Bank of America customers,” says David Ozgo.
After a huge backlash, Bank of America gave in this week, deciding not to charge the fee. The other banks, dropped the idea too.
Credit unions seeing spike in new members (KKCO -- Grand Junction, CO):
Whether it’s talk of debit card fees or serving as a punching bag for the Occupy movement, banks have been taking a hit as of late. At the same time, local credit unions say they’re seeing an influx of people joining their ranks.
Making deposits and withdrawals, opening savings and checking accounts — at face value there doesn’t seem to be much of a difference between a bank and a credit union. And in terms of the services offered, Coloramo Federal Credit Union says that’s true. Where they differ--
We’re a not for profit financial cooperative and banks are for profit,” said Stephen Harrington, Marketing and Business Development Director for Coloramo Federal Credit Union. “Therefore, our goal is not to make as much money as we can.”
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