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Thursday, November 3, 2011

Credit Unions Look To Cash In On ‘Bank Transfer Day’

(Flickr/watchingfrogsboil)

(Flickr/watchingfrogsboil)

A Los Angeles activist has dubbed this Saturday “Bank Transfer Day,” encouraging people to move their money from big banks to credit unions. The movement gained momentum when Bank of America announced fees on debit card users — fees they have since reconsidered.

Credit unions didn’t start the protest, but they hope to take advantage of “Bank Transfer Day.” Several have launched aggressive marketing campaigns to go after bank customers, and are even planning parties and giveaways for this Saturday.

A new Harris Interactive poll points to problems for big banks. The survey found that 9 percent of Bank of America’s customers are ready to leave that bank. Customers also said they were dissatisfied with customer relations. Meanwhile, more than 70 percent of customers at nonprofit credit unions say they’re highly satisfied.

The pollsters say the results could reflect a tipping point for banks, which are struggling to find new sources of revenue, after new legislation cost them $6.6 billion in debit card fee transactions.

Guest:

  • Suzanne Woolley, managing editor of Bloomberg.com personal finance

Please follow our community rules when engaging in comment discussion on this site.
  • Olorcain2

    I have already started moving my money over to my credit union.  My bank did not think that I was worth giving a loan to, but my credit union had no problem giving me one.  They are easier to talk to and easier to do business with.  I will not have any problems moving my money over. 

    • Jphillipsbbt

      For such an informed reporter I find it interesting that you fail to report that credit unions do not pay any federal income taxes which provides a totally different profit margin than other fully taxed banks. Additionally the Dodd-Frank Act through the Durbin amendment dramatically reduced interchange fees. While credit unions serve a niche market you should more fully explain all of the differences and perhaps look at the bigger picture both politically and economically.

  • Mary

    We have always banked with our local savings bank.  They are right here in town, you can see the car the president drives, and I have no trouble using my ATM card in other states and even in Europe.  Yes, there are occasionally charges at those distant machines, but I see it as a convenience charge.

  • BHA in Vermont

    Perhaps the banks could recoup some of those lost fees by cutting  execs’ and traders’  pay and bonuses. They don’t work any harder than the ‘Average Joe’.

    It is quite clear the bankers do not understand the OWS movement.

  • Mike

    If you are in Tampa, GTE FCU is by far THE BEST CU in town! they have the iphone app that lets you take a picture of your check and submit it that way. There online banking is very visually pleasing and easy to use. and its easy to transfer money from your account to anyone else’s account at the branch for free (great if you have kids) 

    Also you they will give you $25 just for opening a new account if you use the code: RB1UXITL when you sign up

    You can join online really easy here: https://join.gtefcu.org/Default.aspx?ReturnUrl=%2F

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