Customers are dumping their banks in droves ahead of the nationwide “Move Your Money” and “Bank Transfer Day” movements this Saturday.
At least 650,000 consumers have already joined credit unions since Sept. 29 … to a nationwide survey of credit unions by the Credit Union National Association. [Here’s the report.] That amounts to $4.5 billion in new savings accounts, CUNA said.
Meanwhile, the Independent Community Bankers of America said a poll of its 5,000 members conducted on Oct. 17 found that nearly 60% of community banks are gaining customers who are sick and tired of the big financial institutions. The association’s community bank locator has seen more than 5,000 inquiries in the last few weeks — an increase of nearly 500%.
By the end of this weekend, accounts at these credit unions and community banks could grow by tens of thousands more.
“They take your deposits and use them to buy politicians to de-regulate, give them immunity, interest-free loans and bailouts. Then they turn around and charge you fees to make them even richer,” said one “Move Your Money” flyer posted on a Facebook page dedicated to the initiative (which has 43,679 “likes”). “Take your money to a credit union or a community bank that will use your money in your community and not to pervert the rule of law and fill their own pockets.”
Occupy Wall Street has formed a separate united front, called “Dump Your Bank Day,” which will take place on Tuesday, Nov. 8.