Credit unions bank on Bank Transfer Day

Updated
 
A protester marching through downtown Los Angeles on Saturday.
A protester marching through downtown Los Angeles on Saturday.
Robyn Beck/AFP/Getty Images

The recent banking fees put into place in these trying economic times have not only exacerbated outrage toward banking institutions, they’ve spurred grass-roots movements for people seeking a less-corporate alternative.

New numbers released by the Credit Union National Association reveal at least 40,000 people joined on last Saturday’s Bank Transfer day and added $80 million in new savings account funds. And nearly 700,000 consumers joined credit unions across the country in the past four weeks alone.

Bank of America’s proposed $5-monthly charge for debit cards only fueled the movement. BOA has since dropped the planned fees, but the damage had already been done.

They have Molly Katchpole to thank for part of that. Frustration over the the new charges inspired the 22-year-old college graduate to create an online petition, fighting against the laundry list of fees to access personal money. She mustered the powers of the Internet to help collect 306,000 signatures and grabbed media attention that resulted in Bank of America removing the controversial charges. Call it a victory of social media activism.   

— By Skivjana Neva

Occupy

Credit unions bank on Bank Transfer Day

Updated