Are you tired of your bank? Fed up with fees and mandatory minimums? WSB's Pete Combs reports if so, you're not alone.
Spurred by a Los Angeles gallery owner, the so-called "Bank Transfer Day" is scheduled for Saturday, November 5--although 27-year-old Kristen Christian says the November 5 deadline has been misunderstood. Since many credit unions are not open on weekends, the goal of having customers leave their big banks and put their money in a credit union was to be completed by the weekend--not on it.
Credit unions are not-for-profit financial cooperatives, owned by their members. They are prohibited from accumulating debt or selling stocks.
Customers of megabanks have had enough. Only 44% of those questioned in the Harris Survey say they're happy with huge banking institutions like Chase, Wells Fargo and Bank of America. That's music to the ears of Mike Mercer, head of the Georgia Credit Union Associates.
"The anti-Wall Street sentiments are quite strong," Mercer tells WSB. "It's really been a surprising phenomenon."
In just one month, 650,000 big bank customers have switched to credit unions, taking more than $10 billion dollars in assets with them.
"People are just getting tired of insensitive service," says Mercer.
Already, that's having an effect on the banks. The swift, massive backlash prompted many to pull back from plans to charge new fees for checking accounts and debit card use.
In Georgia, Associated and Delta Community are two credit unions which have branches open on Saturdays.