The Credit Union National Association (CUNA) has estimated that since September 23, when Bank of America announced its plans to introduce a $5.00 monthly fee for its customers to use their debit cards, about 650,000 consumers have opened accounts at credit unions. That total is more than the number of people who joined credit unions during all of 2010.
That bears repeating. About 650,000 consumers have moved their money to credit unions. They didn't pledge to move their money, or make a vague promise. They actually moved their money.
Those 650,000 new credit union accounts are estimated to be worth about $4.5 billion or just under $7,000 per account. And, Bank Transfer Day -- the November 5 date promoted by the Occupy movement -- hasn't arrived, yet. Many credit unions are open and ready to help consumers move their money on Bank Transfer Day. CUNA President/CEO Bill Cheney said:
"The 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."
As I see it, that $70 annual savings is a minimum savings, assuming the big banks will probably find other ways to introduce new fees, rather than do the sensible thing and cut costs.
CUNA is the national trade association that represents credit unions in the United States.
According to CUNA, many consumers have visited the aSmarterChoice.org website to find credit unions near where they live and work. Read this article for more search tips to find a credit union. While some of the big banks have cancelled their plans for a monthly debit card fee, there are more reasons to move your money.
Yes, the backlash against the big banks is well underway.