By Credit Union National Association / November 4, 2011
WASHINGTON (11/4/11)–At least 650,000 consumers across the nation have joined credit unions in the past four weeks, reflecting consumers’ reactions to rising fees at banks, according to a survey by the Credit Union National Association (CUNA).
They have joined credit unions since Sept. 29, when Bank of America (BofA) unveiled its plans to charge $5 a month for debit cards. The public outcry the past month has forced BofA and other big banks to reconsider their debit fees.
CUNA estimates that credit unions have added $4.5 billion in new savings accounts. More than four in every five credit unions experiencing growth since Sept. 29 attributed the growth to consumer reaction to new fees imposed by banks, or a combination of consumer reactions to the new bank fees plus the social media-inspired Bank Transfer Day. Bank Transfer Day, which is tomorrow, urges consumers to switch from big banks to smaller credit unions and community banks.
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