Credit Unions Look To Cash In On 'Bank Transfer Day'Play
A Los Angeles activist has dubbed this Saturday "Bank Transfer Day," encouraging people to move their money from big banks to credit unions. The movement gained momentum when Bank of America announced fees on debit card users — fees they have since reconsidered.
Credit unions didn't start the protest, but they hope to take advantage of "Bank Transfer Day." Several have launched aggressive marketing campaigns to go after bank customers, and are even planning parties and giveaways for this Saturday.
A new Harris Interactive poll points to problems for big banks. The survey found that 9 percent of Bank of America's customers are ready to leave that bank. Customers also said they were dissatisfied with customer relations. Meanwhile, more than 70 percent of customers at nonprofit credit unions say they're highly satisfied.
The pollsters say the results could reflect a tipping point for banks, which are struggling to find new sources of revenue, after new legislation cost them $6.6 billion in debit card fee transactions.
- Suzanne Woolley, managing editor of Bloomberg.com personal finance
This segment aired on November 3, 2011.