Monday, November 7, 2011

Consumer Outrage Makes Bank Transfer Day a Big Success

Banking customers from all over the country took their money out of the big mega banks and open new accounts in their local credit union. This is occurring because of the national movement called Bank Transfer Day, started by 27 year old Kristen Christian. It's a grassroots protest started on Facebook on October 4th in response to Bank of America's planned $5 debit fee increase. 

The Credit Union National Association has stated their usual new accounts per month averaged 80,000 but during October new accounts topped 650,000. 

According to Tropical Financial Credit Union marketing vice president Amy McGraw, "It's an opportunity for us to educate people about what a credit union is because 60 percent of consumers don't know." McGraw reports in this credit union alone new members opening accounts almost doubled.

Credit unions are finally getting the broad respect they deserve. The big banks are starting to see that lousy customer service, nickel and diming the customer, and treating the customer poorly will drive customers away to to banks that treat them with respect. 

How much of an effect this will take on the big banks we will eventually find out. Even if it only effects them 1%, thats still billions they lose over time. 

Bank Transfer Day was a big success because it gave the mega banks a public spanking for the way they mistreat their customers. Maybe they will learn something from it. Also, we should all thank Kristen Christian for efforts. Why not go over to her facebook page and write a note of appreciation.

Go to Credit Union Look-up for a credit union near you.

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