Monday, November 7, 2011

Bank Transfer Day was a moderate success for Credit Unions

Early reports are coming in from banks and Credit Unions who found a groundswell of new business thanks to the organized Bank Transfer Day event on November 5th.

Thousands of people flooded into credit unions and small banks over the weekend as part of "Bank Transfer Day," an effort to prod depositors to abandon giant banks. But at least some of the big banks won't mind losing those customers.
On Saturday, the Boeing Employees' Credit Union in Seattle signed up a one-day record 659 new members. At the grand opening of a Randolph-Brooks Federal Credit Union branch in Pflugerville, Texas, the parking lot was so full that customers had to leave their cars across the street.
Dozens of people opened an account at the Texas credit union as a local disc jockey gave away prizes. "They'll treat me like a good customer," said Charlie Estes, 33 years old, who pulled his life savings out of J.P. Morgan Chase & Co., the largest U.S. bank as measured in assets. J.P. Morgan declined to comment. – Wall Street Journal
In the end, voting with your wallet can do great things, and on occasion, work better than voting at the ballot box, or the ammo box.

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