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Backlash against fee gouging from banks resulted in an inter-net
campaign for “Bank Transfer Day,” when participants pledged to close
accounts at large financial institutions and open accounts at credit
unions and neighborhood financial institutions. It was apparent-ly
successful. Reports from the weekend indicate thousands par-ticipated.
Here is the proof: Early Bank Transfer Day numbers show success

Already
lost 700,000Large retail financial institutions started fee gouging.
This has made many people angry. ”Bank Transfer Day” is an internet
campaign. It began as soon as Bank of America announced the monthly $5
debit card fee. Everybody was told to change to credit unions and
financial institutions by Nov 5 with the campaign.According to the
Credit Union National Association, 650,000 individuals joined credit
unions between Sept. 29 and Nov. 5 adding $4.5 billion in assets to the
unions, the New York Times explains. Credit unions all across the
nation were reporting massive increases in mem-bership. CNN reports
that credit unions got 600,000 brand new members total in
2010.Individuals join over the weekendBetween Nov 4 and 6, there was a
54 percent increase in new member applications, as reported by the
National Association of Federal Credit Unions. Individual unions are
reporting huge increases in data while other credit union associations
are collating data still.The Wall Street Journal reports an enormous
increase in the Boeing Employees Credit Union in Seattle, Washington.
The credit union got 659 new members on Saturday breaking a record for
the company.CNN reported that Digital Federal Credit Union got 133
brand new mem-bers on Saturday. Digital Federal is the largest CU in
New England and typically signs up only 85 new members on Saturdays.In
131 credit unions in the MCUA, the Missouri Credit Union Association
reported 7,100 brand new accounts being opened in the last six weeks
including Bank Transfer Day, as reported by the Maryland heights Patch.
Over $49 million in deposits were added by consumers.NorthJersey.com
reported that there were several new accounts opened on Saturday at the
North Jersey Federal Credit Union too. There were 48 brand new accounts
opened that day. That is a mas-sive number. This is comparing it with
the normal five accounts.Is it the switch for you?According to ABC,
credit union members are less likely to be charged maintenance fees.
Moebs Ser-vices reports that 64 percent of banks do not have a minimum
balance requirement and offer free checking. That number is at 80
percent for credit unions. You will not have to pay as much interest at
credit unions either. The rates are very low.There are 500 credit
unions with more than one branch. That is a very low number. ATMs are
hard to find for credit unions too.

Articles cited

CNNWall Street JournalNew York TimesMaryland Heights PatchNorth JerseyABC