It’s been nearly a year since the first Bank Transfer Day, when people around the country ditched fee-laden accounts in favor of more consumer-friendly institutions, and yet many bank customers still find roadblocks that keep them from easily jumping ship from one bank to another. [More]
bank transfer day
Chris was one of the many in October who closed their bank accounts with Bank of America, and other similar big retail banks, in protest over planned fees for using their debit card. But last week she found it had been reopened for no apparent reason, with a 1 penny balance out of nowhere.
Saturday was the fifth of November, and many remembered to take a stand and shut down their big retail bank accounts, transferring their cash to a new credit union account. Here’s a video out of Occupy Portland covering what happened on Bank Transfer Day. Interviewees talk about why they’re switching to a credit union, and how this is just the beginning.
Instead of charging customers a $5 monthly fee for using their debit cards, one credit union is actually paying its members to use their debit cards. In a direct jab against the big banks, First Community Federal Credit Union is running a promotion that lets members earn up to $5 a month for swiping their debit card.
Tomorrow is Bank Transfer Day. By this date, people all across America are shutting down their accounts at large, costly, name-brand banks and transferring their funds to new bank accounts at their local credit union or community bank. Here is an excellent video made in Portland that follows along with several different people as they close their bank accounts and give their reasons for doing so. One person wants to save money, another disagrees with the bank’s foreclosure practices, a third is mad about the bailouts, and the last is a union withdrawing its funds to show solidarity with holding Wall Street accountable.
Given all the anger currently being directed toward a number of the bigger banks, it might be tempting to stroll into your local branch and walk out with all your money in a sack with a dollar sign on it. But if you want to switch your funds over to a new institution without running the risk of screwing up any automated payments of direct deposits, it will take a few steps.
With financial institutions like SunTrust and Bank of America implementing fees for using debit cards to make purchases — and a number of other banks doing regional tests on similar fees — a new survey says that nearly one out of three American consumers would leave their bank if it introduced such a fee.
Someone Claiming To Be Bank Of America Staffer Threatens Man For Telling People To Switch To A Credit Union
In advance of the upcoming Bank Transfer Day Consumerist reader Jeff and a friend decided to stand outside a San Diego branch of Bank of America to remind customers that they should consider a credit union. This didn’t go over well with a man claiming to be a BofA employee, who threatened to have Jeff’s credit union account cancelled if the protest continued.