Credit Card News
Advertising Disclosure
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.
Credit Card Applications » News » Other » Big Banks Brace Themselves For

Big Banks Brace Themselves For

By
Add to Favorites:
Big Banks Brace Themselves For

This past Saturday, thousands of Americans woke up and went to the bank. But instead of conducting “typical” transactions – making deposits, taking cash from the ATM, paying bills – they closed the accounts entirely and took their money directly to their nearest credit union, spurred by the “Bank Transfer Day” movement that was begun on Facebook by Kristen Christian. By November 5, more than 85,000 individuals had pledged via the social networking site to participate.

According to the Penninsula Press, Christian gave an interview to the Village Voice wherein she explained that her movement was independent of both Anonymous and Occupy Wall Street.

“This is not about bringing down the Fed, it`s not anarchy. … It`s shifting the money to a company people respect the practices of,” she said. “It`s like, if you don`t like Wal-Mart`s practices, shopping at a local grocery store instead.”

Credit Unions across the country have been experiencing a surge in new account openings recently, especially after the announcement made by many big retail banks including Bank of America and Wells Fargo that they would be instituting a new monthly fee for debit card usage. The plans to implement such fees have been cancelled by most banks dues to the impassioned consumer uproar.

The San Jose Credit Union in California was open from 9 a.m. until 2 p.m. on Saturday, a day when they are usually closed for business. In Seattle, the Boeing Employees` Credit Union reported that they gained 659 new members on the 5th, setting a branch record for new accounts opened in a single day.

Ironically, Bank Transfer Day may wind up helping big banks rather than hurting them, by ridding them of some of their least profitable customers.

At the conclusion of Bank Transfer Day, a new movement started, and this one is aimed at Credit Card Debt. “Balance Transfer Day” has been scheduled for December 11, 2011. From the Balance Transfer Day Manifesto:

“December 11, 2011 we all will apply for a Balance Transfer of our debt to a credit card with zero interest rate. This will be our bail out. Let’s show the banks we are not going to accept high interest rates on Debt!” (read more at facebook.com/balancetransferday)

Add to Favorites:

Related News:

Citi and BRP Ink a Deal

By Dar Dowling, Posted: January 24, 2017

Citi Retail Services has signed a long-term financing services deal with BRP, a company specializing in the designing and manufacturing of power sports vehicles. Continue reading
Citi Increases the Number of ATMS

By Dar Dowling, Posted: January 23, 2017

Citibank has just inked a new deal with Cardtronics, a ATM owner/operator, which will just about double the number of free ATMs in their U.S. network. Continue reading
Fifth Third Bancorp Upgrades App

By Dar Dowling, Posted: January 20, 2017

Fifth Third Bancorp has upped the ante when it comes to their mobile app, in terms of how many ways users can pay for merchandise – now letting them make payments with all of the available payment platforms. Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Unlimited 1.5x rewards on every purchase, every day. For every $1 you spend, you earn 1.5x Miles.
For Excellent, Good Credit
You could turn $200 into $400 with Cashback Match™. We’ll automatically match all the cash back you earn at the end of your first year. New cardmembers only.
For Excellent, Good Credit
Guaranteed $500 Unsecured Credit Limit
For Bad Credit