Saturday was Bank Transfer Day in the U.S. How much money did unsatisfied customers in the U.S. transfer? Ultimately, the move happened over several days in October and early November, and consumers managed to get attention by moving their money. Will it make a difference in how banks operate?
In all, Credit Unions received at least 650,000 new customers as a result of the Bank Transfer Day movement. A total of $4.5 billion was moved by unhappy customers of large U.S. banks, and that number is not insignificant.
While major banks obviously have billions of dollars in their coffers, the fact that consumers are so dissatisfied that they moved billions of dollars out of their establishments had to grab attention. At Bank of America, they changed their debit card fee plan, which is a positive step in the right direction. Other large banks have decided not to implement the fees either, which will help the struggling people of the United States keep a little more of their money in their bank accounts.
Another bright side of the Bank Transfer Day movement is that credit unions have appreciated the influx of customers. Hopefully they are able to handle their new customers' money efficiently and effectively. They are also giving existing members the chance to earn bonuses by referring new members. Have you taken advantage of this?
Perhaps the day of the large banks is over? Obviously it is too soon to tell that just yet. One thing is clear, though, money talks just like it always does. Isn't it nice to know that some things never change?
Like this article? See more by Kate James at Gather.com
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Comments: 4
The reversal means that banks will have to figure out new ways to recover revenue that is being lost from a host of new regulations on debit cards, credit cards and overdraft fees.
So expect other types of account fees for both business and individual customers.
It amazes me how the everyone is all upset with people losing their homes and foreclosing, and blaming those homeowners who many times lost their jobs... yet the banks are posting profits... No one seems to correlate the two....very often. Banks got bailed out... years ago, when I hear how they post profits it makes me wonder because so many people think they are struggling from all the foreclosures. It doesn't make sense to me at all.