What was bank transfer day

But what of the day itself, did it have a lasting impact? We think so. When you look at the numbers, it's hard to conclude otherwise. The most recent figures on the number of people belonging to credit unions are those for mid-year Looking at the one-year ending June 30, -- a period that encompasses the months leading up to and after Bank Transfer Day--we've seen the biggest increase in new credit union members in more than a decade -- a net of nearly 2. To give you a sense of perspective, that is almost double the 1.

We also saw a huge increase during this same period in the number of new checking accounts opened up at credit unions nearly 2. A third indicator is a web site we launched 20 months ago, www. Before the buzz began over Bank Transfer Day, we were seeing about 2, visitors to the site a week.

In the months that followed, the traffic has leveled off, but at a higher level than before -- about 5, to 6, visits a week. All this suggests Bank Transfer Day and consumers' negative reaction to high bank fees was not a short-lived affair, but something more sustained. Many of the people who have opened these new accounts at credit unions are younger a welcome development, given the average age of a credit union member is Moreover, these newcomers discovered, contrary to what they may have thought previously, that many credit unions today offer the services, access and convenience of large banks, but in a decidedly consumer-friendly way, and with the kind of roots in their local communities that comes from being member-owned cooperatives.

But many see the action as largely symbolic. November 7, Bankers at the roughly 15, community banks and credit unions across the United States have been spending Monday running the numbers.

And this is no routine tally. These numbers might seem low. But consider that in the five weeks leading up to the weekend — ever since the Sept.

By some estimates, the , consumers who had moved their accounts to credit unions by last Thursday could soon climb to 1 million. Chase refused a request for comment. Circle Bank is one of many small financial institutions that had a banner weekend. Further up the coast in Oregon, community institution Umpqua Bank says that the number of new accounts this five-week period is up 50 percent from a year ago. Other economists share this view. But others say there is more than just money at stake.

Because the banking sector is competitive, he adds, consumers have alternatives when they are unhappy with their banks. Already a subscriber? And new competitors have entered the fight for your dollars.

They offer all of the services of a bank and federal deposit insurance but tend to charge considerably less for checking accounts and loans. And they generally pay higher interest rates on savings. Why not? The customer-satisfaction rating for credit unions dropped five points last year, to 82, according to the American Customer Satisfaction Index ACSI , which tracks 48 industries.

Nevertheless, they still outscored Chase 74 , Citibank 70 , and Bank of America Where to find them. Membership is open only to people in a specific group, such as employees of a company, members of an association, or residents of certain communities.

Go to mycreditunion. They now offer the same technological bells and whistles but also provide significantly higher satisfaction than the four biggest national banks, according to the ACSI. Their satisfaction score was 79 last year, placing them below credit unions but above the big banks. In Texas, Regions Bank ranked last among 13 banks assessed in J. Go to jdpower. Visit the Independent Community Bankers of America bank locator. They typically charge no monthly fees, have low penalties or none at all, and offer FDIC insurance, direct deposit, electronic bill payment, debit cards, photo check deposit, and national networks of fee-free ATMs.

Plus the low- or no-fee business model might be jeopardized at some virtual banks that partly finance their operations from the fees they collect every time a customer uses a debit card to make a purchase, because in July a federal court ruling signaled that those fees might be regulated lower. This article appeared in the November issue of Consumer Reports magazine. On October 29, , we added information on community banks.