40,000 join credit unions in bank dumping protest

Image via WikipediaMore than 40,000 people joined credit unions during the "Move Your Money" and "Bank Transfer Day" movements this past Saturday, continuing the exodus of customers fed up with big banks.

The new customers were the latest in a surge of members credit unions have signed up in recent weeks, as public anger over proposed fees at Bank of America and elsewhere has boiled over, the Credit Union National Association said Tuesday.

"Since Sept. 29 -- the day Bank of America announced its now-rescinded monthly $5 debit card fee -- average estimated membership increases nationally were around 20,000 new members each day, " CUNA President and CEO Bill Cheney said in a statement. "On Saturday, consumers doubled the pace. It's clear that consumers kept up their interest in credit unions."

In a previous survey, released late last week, the industry group said an estimated 650,000 consumers had joined credit unions between September 29 and the first week of November, bringing with them an estimated $4.5 billion in new savings accounts. More...