Social media activists are encouraging consumers frustrated by FIs’ new bank fees to sign up with credit unions on Nov. 5, which they have proclaimed as “Bank Transfer Day.”
“Together we can ensure that these banking institutions will always remember the 5th of November!!” explains the movement’s Facebook page. “If the 99% removes our funds from the major banking institutions on or by this date, we will send a clear message and give the 1% a taste of the fear that we experience every day when we aren’t able to pay for our rent, food, medication, utilities, student loans, etc.”
As of Oct. 10, the group’s organizers say 6,500 Americans have already registered to support the campaign, according to Main St. Former NCUA Chairman Dennis Dollar believes the initiative could only help credit unions, since the majority of the new deposits would likely come as checking accounts, according to the Credit Union Times.
“Those aren’t high-balance accounts and are the most profitable accounts that credit unions have because of the fees they generate,” he said. “Also, any increases that credit unions see will take place gradually because those accounts are the hardest to transfer because of changes that have to be made when designating direct deposit and automatic bill pay. Bank Transfer Day isn’t the brainchild of a credit union marketing executive or a creative director of an advertising agency. Like other protest movements, it started in the blogosphere.
Jeff York, Coasthills FCU, President /CEO, said his organization has not yet decided whether to ramp up marketing around Bank Transfer Day.
“We have made a decision yet about whether to increase our outreach to tie in to the Bank Transfer Day,” he said, according to the Credit Union Times. “But we know that many people realize that we are one of the choices they have when deciding on financial services providers and we are very appealing to a growing number of consumers,” said York, whose credit union is based in Lompoc, Calif.. and has assets of $630 million.”
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