PLEDGE NOW
Here and Now with Robin Young and Jeremy Hobson
Public radio's live
midday news program
With sponsorship from
Mathworks - Accelerating the pace of engineering and science
Accelerating the pace
of engineering and science
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.
Spotlight

Throughout the week, Here & Now is looking at the impact a raise in the minimum wage would have on states, the federal government and workers.

Robin and Jeremy

Robin Young and Jeremy Hobson host Here & Now, a live two-hour production of NPR and WBUR Boston.

May 3 Comment

Letter From ‘Little Miss Flint’ Inspires Obama To Visit

Obama will visit Flint, Michigan on Wednesday to meet with residents who've lived with contaminated water.

Diane Rehm On Medically Assisted Dying

Rehm speaks about her husband's battle with Parkinson's Disease and her new book, "On My Own."

A Candid Conversation With Public Radio’s Diane Rehm

The radio show host discusses her husband's illness and their often fraught marriage.

The Average Millennial Is Nothing Like The Stereotypes

Data shows that the average 29-year-old did not graduate from a four-year university and is living in a suburb.