$6.5 billion moved from banks and 650,000 new credit union members since October.

[Ichingcarpenter]

WASHINGTON --- Reacting to rising fees at banks, hundreds of thousands of consumers have rushed to credit unions over the past four weeks, and have joined existing credit union members in depositing or shifting billions of savings to credit unions, according to estimates released today by the Credit Union National Assn. (CUNA), the nation’s largest credit union advocacy group.

Based on the responses of a nationwide survey of 5,000 credit unions, CUNA estimates that at least 650,000 consumers across the nation have joined credit unions since Sept. 29 (the day Bank of America unveiled its now-rescinded $5 monthly debit card fee). Also during that time, CUNA estimates that credit unions have added $4.5 billion in new savings accounts, likely from the new members and existing members shifting their funds.

The survey results also show that more than four in every five credit unions experiencing member growth since Sept. 29 attributed the growth to consumer reaction to new fees imposed by banks, or a combination of consumer reactions to the new bank fees plus the social media-inspired “Bank Transfer Day,” Nov. 5.

“Bank Transfer Day” urges consumers to transfer their accounts from banks to credit unions by Saturday, Nov. 5.

“These results indicate that consumers are clearly making a smarter choice by moving to credit unions where, on average, they will save about $70 a year in fewer or no fees, lower rates on loans and higher return on savings.” said Bill Cheney, president and CEO of CUNA, the Washington, D.C.-based advocacy group.


http://www.cuna.org/public/press/press-release/issues/hundreds-thousands-of-consumers-billions-of-$$-move-credit-unions

[Firebrand Gary]

1. We have 99.8% of the purchasing power. We will not stop until the playing field is level.

[Luminous Animal]

2. These are the kind of direct actions that OWS should be concentrating on...

building momentum to reject government controlling institutions. One by one, they all fall down.

[lbrtbell]

3. That's what OWS is doing

That's why all this money is being moved to Credit Unions. :patriot:

[Luminous Animal]

4. Yes. I know, It's time to look for the next target. I know Nov 5th is the big day to

"move your money". Let that percolate for another few months and then hone in on another target.