The Clock is Ticking Down to Bank Transfer Day – Saturday, November 5th

This entry was posted by Friday, 4 November, 2011
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From Jill Stevenson:

Were any of us expecting the surge of public outcry against big banks when Bank of America made that little announcement of charging a monthly $5 fee on debit cards? Come on, really…it’s not like they haven’t added new fees or increased fee charges before.

I think not…

When opportunity knocks, when our rivals really get it wrong, credit unions aren’t fortune’s fools.

This is the credit union movement’s “national branding campaign we have been waiting for,” Pat Keefe, CUNA VP of communications and media outreach, so aptly proclaimed during a recent interview on CU Chat Up.

I think he is right.

Credit unions did not have to design it, manufacture it, nor pay for it. But, we will certainly benefit from it. And may our new credit union members be content with their switch.

Now, whoa Nelly, BofA backed down and nixed the fee…

Too late!

The actions of big banks have sent their customers searching for credit unions to join. Will everyone find a credit union to join via the credit union locators that are being promoted throughout the news and Internet? Since the BofA announcement, over 68,000 successful searches have been conducted via the CU locator on the consumer website ASmarterChoice.org.

Don’t overlook the power of social media, either. Geez, just look at the reaction from that event page posted by Kristen Christian. That’s what has gotten us to this countdown to Bank Transfer Day on Saturday, November 5.

A Smarter Choice’s Facebook page had reached 1,014 “likes” during its first 6 months. Now, four weeks after the BofA announcement, that number has climbed to over 6,283 as I edit this blog, again. Oh, and according to Facebook, 2,124 people are talking about this (us). How they know, I really don’t want to think about….

Here are a few of the most recent Facebook comments:

“Buy local everything. The extra money you may spend will end up in your pocket.”

As to whether the BofA fee reversal changes your plans to switch?

“No. Switching has never been easier…”

“No. Too little too late…”

Here’s a comment on the posts about The Disclosures song “Tired of Your Big Bank?”

“Love the song and love my credit union!!! They have taken care of me for 40 years and have never done me wrong!!! Get smart people and move your money to a credit union where you and people like you are in charge!!!” (3 people “liked” what she said.)

Thank you, big banks!

Jill Stevenson is the consumer website coordinator for ASmarterChoice.org.

3 Responses to “The Clock is Ticking Down to Bank Transfer Day – Saturday, November 5th”

  1. Some reflections on Bank Transfer Day’s place in the larger history of the Credit Union movement: http://cuhistory.blogspot.com/2011/11/bank-transfer-day-populism-and-strategy.html

  2. Bob

    Interesting – I just realized, many credit uninos are closed on Saturday. Was that even considered when chosing the day?

  3. Thanks for sharing your post Matt!

    Bob – I’m not sure if Kristen Christian (the creator of Bank Transfer Day) took the fact that many financial institutions are closed on Saturdays in to account when she originally announced the event. Here she gives a response to why she selected November 5th: http://blogs.villagevoice.com/runninscared/2011/10/kristen_christian_bank_boycott_bank_transfer_day_occupy_wall_street.php

    We’ve heard from many credit unions that they are planning to be open tomorrow even though they may usually be closed on saturday. Also, while Bank Transfer Day is officially being celebrated on November 5th, any day is a good day for people to choose to join a credit union. America’s credit unions will be welcoming new memebers long after tomorrow comes and goes.

    Thanks for your comments on CUNAverse.


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