Showing posts with label Bus Econ Bank Transfer Day. Show all posts

Monday, November 07, 2011

Slate - Abby Ohlheiser: Polls Show Bank of America's Loss is Credit Unions' Gain

Polls Show Bank of America's Loss is Credit Unions' Gain

http://slatest.slate.com/posts/2011/11/04/bank_of_america_customers_fleeing_to_credit_unions_polls_show.html?wpisrc=newsletter_slatest

One survey suggests credit unions gained 650K customers after BofA announced its now-canceled debit card fee.

By Abby Ohlheiser | Posted Friday, Nov. 4, 2011, at 6:21 PM ET

http://slatest.slate.com/posts/2011/11/04/bank_of_america_customers_fleeing_to_credit_unions_polls_show.html?wpisrc=newsletter_slatest

Just how bad was the backlash from Bank of America’s now canceled plan to charge $5 a month for debit card use?

Two new polls provide some indication that the institution’s highly criticized move may have sent hundreds of thousands of customers fleeing to credit unions. And it’s not even Bank Transfer Day, yet.

A new survey from the Credit Union National Association found that credit unions have gained at least 650,000 new customers since September 29, the day Bank of America announced the new debit card fee. As the Los Angeles Times notes, that’s more than the 600,000 customers who joined credit unions during the entirety of 2010.

By the association's tally, deposits into those new savings accounts totaled $4.5 billion, which, according to Reuters, is more in deposits than credit unions typically get from their entire customer base in a month.

A second poll by Harris Interactive highlights the disparity between customers' loyalty to the respective financial institutions. Nearly 90 percent of credit union customers said they were extremely or very likely to stick with their current institution, compared to only 40 percent of BofA customers. Other big banks didn't fare much better: Only 46 percent of JP Morgan Chase's customers and 54 percent of Wells Fargo/Wachovia's customers indicated a strong intention to stay put.

Was a $5 monthly fee really all it took to send customers fleeing? Critics of the big banks say not exactly, it was just the tipping point.... READ MORE: http://slatest.slate.com/posts/2011/11/04/bank_of_america_customers_fleeing_to_credit_unions_polls_show.html?wpisrc=newsletter_slatest

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Thursday, October 20, 2011

Yahoo Finance - Bank Transfer Day: A Protest With Your Money by Brian O'Connell

Bank Transfer Day: A Protest With Your Money

by Brian O'Connell Wednesday, October 12, 2011

http://finance.yahoo.com/banking-budgeting/article/113658/bank-transfer-day-mainstreet?mod=bb-budgeting

Occupy Wall Street has dominated headlines for the past few weeks, with advocates and critics jaw-boning over whether it was government or Wall Street that fueled the financial crisis (here's a vote for both).

[…]http://finance.yahoo.com/banking-budgeting/article/113658/bank-transfer-day-mainstreet?mod=bb-budgeting

On the movement's Facebook page, protest organizers say that, even with new government regulations in place to keep banks in check, they're still making out like bandits. For example:

With the Durbin Amendment in effect, banks will still make 19 cents profit per processed transaction.

The average consumer uses his or her debit card 24 times per month.

Without the additional fee, Bank of America stands to turn a $3.3 billion annual profit from its 59 million customers' debit card transactions.

Here's an explanation from the organizers of Bank Transfer Day, straight from the group's Facebook page

[…]http://finance.yahoo.com/banking-budgeting/article/113658/bank-transfer-day-mainstreet?mod=bb-budgeting

Credit Union Times: Bank Transfer Day Continues Facebook Runup

October 17, 2011 Subscribe Now!

Bank Transfer Day Continues Facebook Runup

Credit Union Times

http://www.cutimes.com/2011/10/17/bank-transfer-day-continues-facebook-runup

October 17, 2011 • Subscribe Now!

Bank Transfer Day Continues Facebook Runup

BY JIM RUBENSTEIN

Kristen Christian, the Los Angeles art dealer who thought up Bank Transfer Day and tied it to Guy Fawkes Day.

The Bank Transfer Day phenomenon popping up all over the media – mainstream and social – took some new turns Monday.

[...]

Credit unions in Ohio, South Carolina and Pennsylvania also have said they’re working to take advantage of the new wave of anti-bank sentiment.

[...]

As it turns out, Coasthills is one of two California CUs of choice for the now “credit union face” of Bank Transfer Day, Kristen Christian, the Los Angeles art dealer who created the original Facebook page about Bank Transfer Day a couple weeks ago and decided on Nov. 5 – Guy Fawkes Day in England – as the day.

Christian, who said she created the site out of her frustration at Bank of America’s new$5 monthly debit fee – reiterated Monday that she is not out for personal gain or notoriety but is a willing advocate for CUs “because of what they do and what they represent.”

Christian told Credit Union Times she has conducted “many interviews over the phone with radio station reporters from Texas and everywhere and now I have something on CNN with Don Lemon.”

.... http://www.cutimes.com/2011/10/17/bank-transfer-day-continues-facebook-runup

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