Discontent Consumers Promoting “Bank Transfer Day”

NORTH TEXAS (CBSDFW.COM) – Dissatisfaction with bank fees has brought about “Bank Transfer Day” and it happens Saturday.

The event is part of a movement to get people to flee from rising bank fees and move their money to credit unions.

But a local economist advises consumers to consider alternatives before deciding to withdraw all your money.

Roger Meiners, the chairman of the Department of Economics at the University of Texas at Arlington, suggests that consumers shop around for local banks that may have lower or no bank fees.

The Bank Transfer Day movement began with Bank of America’s announcement of a $5 monthly debit card fee, a plan that has since been aborted.

Nationwide, credit unions have seen a big jump in membership. Reports are, nearly 700,000 new accounts have been opened at credit unions, since later September.

But experts suggest you do your homework before jumping ship and consider if credit unions are FDIC insured, have convenient branch and ATM locations and eligibility required to join, among other things.


One Comment

  1. Cathy says:

    Please tell me why it was decided to do this on a Saturday! I left BofA years ago, have belonged to my tiny credit union since, and will never go back. I have learned to live with the little inconvenieces. One of which is THERE ARE NO WEEKEND HOURS. Many small banks and credit unions do not have weekend hours.

  2. Dallas Artist says:

    I thought the same thing, But many big corporate banks DO have saturday hours… people can always open an account next week.

  3. Old Money says:

    “But experts suggest you do your homework before jumping ship and consider if credit unions are FDIC insured,” LOL!!!! The FDIC is government-backed. Like they have the finds to insure even 30% of mass withdrawals right now! What a LAUGH. Some experts. Probably some clueless aging potheads in academia with ZERO real-world experience. Credit unions, baby! CREDIT UNIONS!

    1. Old Money says:

      FUNDS. Sorry. I am enjoying a very expensive 50-year-old The Macallen scotch I purchased at auction this week. Drunken typing tonight.

  4. RussP says:

    With all the crying from the Occupy Wherever movement, I’d like to see the report this week of how many people actual took the action to move their accounts. Probably very few, people like to complain but not take any action that may help correct a situation. Some examples, driving full size cars and SUVs but complaining about gas prices or complaining about the US economy but buying foreign cars and hiring foreigh workers.

  5. RussP says:

    Well the numbers are in and the 99% who are supposedly against Wall Street and the big banks really aren’t all that concerned. Reuters reports that only 40,000 of the millions of bank accounts in this country were moved to credit unions this Saturday or in dollar amounts, about 80 million of the 8.2 trillion held in accounts (less than 1/1000 of a percent).

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