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This Week in Money Management: Bank Transfer Day a Success

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Bring together a nation boiling over onto the streets with what can only be called desperation over the national economy and combine it with a new move by big (and bailed-out) banks to charge their customers for every convenience, and you have the makings for social change. The Occupy Wall Street movement had declared Saturday, November 5 (historically, and not coincidentally Guy Fawkes Day) to be Bank Transfer Day, where they encouraged people to calmly and collectively step away from the big for-profit banks and move their money to more customer-friendly credit unions. The results are the focus of This Week in Money Management.

1. “Bank-Shop-Eat Local” declared the Occupy movement in Redlands, Calif. in front of a bank of America branch on Saturday. The movement saw success locally, reported the Loma Linda Patch, but nationally the turnout has been a phenomenon.

2. Bye, bye big banks! More the 650,000 people joined a credit union last month, and The Consumerist looks at the potential for customer savings.

3. Credit unions were prepared to forgo “banker’s hours” for the Bank Transfer Day movement. SF Examiner reveals how credit unions are getting ready for the exodus.

4. With $4.5 billion in new savings accounts alone and more growth than what was seen in all of 2010, Bank Transfer Day brought new life, vigor and respect to credit unions. The Statesman Journal looks at the reaction of credit unions from around the country.

5. In response to consumer outrage, all national banks have rolled back the proposed $5 debit card fee, including banking behemoth Bank of America. However, The Daily Herald warns that those who stay with corporate banks can expect them to go after additional revenue through more subtle means.

6. While banks have given consumers many reasons to flee, one Mother Jones writer shares his story about switching from Wells Fargo to the local firefighters credit union.

7. Still holding out on switching to a credit union? Go Banking Rates looks at the top five myths people believe about credit unions and exposes the real story.

8. Decided to take your money somewhere else? It can seem overwhelming remembering to move your automatic bill pay, finding the new ATMs, and contacting HR to move your direct deposits… how do you keep it all straight? Daily Finance gives you a list of changes that go along with switching to a credit union.

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