"Bank Transfer Day" Calls For Switch From Big Banks To Credit Unions

NEW YORK (AP) -- A grassroots movement is urging bank customers to close their accounts in favor of credit unions by Saturday.

The spirit behind "Bank Transfer Day" has caught fire with the Occupy Wall Street protests around the country and as of today has more than 79,000 supporters on its Facebook page. The movement has already helped beat back Bank of America's plan to start charging a $5 debit card fee.

It's not clear to what extent the banking industry's about-face on debit card fees will extinguish the anger driving the movement. But many supporters say their actions are about far more than any single complaint.

Kristen Christian, the 27-year-old Los Angeles small business owner who started "Bank Transfer Day" says "Consumers are waking up and seeing that they have options. "

Even with its public support, however, it's not likely that any account closings that take place on Saturday will make a big dent with the industry titans.

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Comments are posted from viewers like you and do not always reflect the views of this station.
  • by ncyankee Location: goldsboro on Nov 5, 2011 at 06:28 AM
    @BARLOW, vey well said, enjoyed the post, couldnt have said it better. and yes, washington is next good post
  • by Barlow Location: Winterville on Nov 5, 2011 at 05:14 AM
    The Congress has failed to represent the people and reform the financial system, so the people are acting on their own. Over 650,000 people have moved their money out of big banks in the last month, and if we are lucky, we'll get another 100,000 or more in the next week. You can only rob people so long before they are going to fight back. Pay attention Washington! You're next!
  • by DIXIECHICK Location: HERE on Nov 5, 2011 at 05:09 AM
    It doesn't matter which bank you go to, just leave Bank of Crooks.
  • by Satisfied bank customer Location: Beaufort Co on Nov 5, 2011 at 04:08 AM
    Although Credit Unions offer the some of the same services I think there are good stable regional banks that can assist you without feeing you to death. Look at First Citizens & Southern Bank...they are largely family owned. The Holding family is 4 generations strong & actively working everyday to make decisions for customers. Also keep in mind a major difference in a bank & a credit union is the credit unions pay no taxes. Banks do.
  • by Steve on Nov 4, 2011 at 10:58 PM
    I lived about 25 mins. from the B.O.A. I deposited a check for a large sum of money to me. I checked the acct. a day later and it hadn't been deposited! I called and told them what happened, I said I have the receipt in my hand and can read you the numbers. I was told they do not go by those receipts! I had to drive over to find out they deposited it in my daughters acct. Left them long ago.........
  • by 40some on Nov 4, 2011 at 08:52 PM
    Good for them. Hope they make a statement loud and clear. Next they need to make a statement to the government. According to pulication 15(circular E)employer's tax guide, a single person earning 400 in a week,filing single as one dependent pays or has withheld 34 dollars. A married person claiming two only has withheld 10 dollars. Anyone else see the inequity in that?
  • by Whoa! on Nov 4, 2011 at 08:27 PM
    I do the majority of banking with Credit Unions also. The only way big banks will listen is if you hurt them where it counts, on the bottom line. I would get behind this if I wasn't already doing it.
  • by Citizen Location: Greenville on Nov 4, 2011 at 06:10 PM
    Now, I can get behind this. I already do all of my banking with credit unions, and recommend others do the same.

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