What is Bank Transfer Day?

Today is the culmination of the “Bank Transfer Day” movement that began last month. The grassroots movement, started by 27-year-old small business owner Kristen Christian, urged consumers to close their accounts at big banks and move their business to credit unions by today.

The Facebook group for the event had 79,000 supporters as of Friday and the Associated Press reports that the group’s efforts were largely responsible for Bank of America’s (NYSE:BAC) repeal of its newly announced $5 debit card fee. When asked about the banks’ reversal of the fee, Christian told the Associated Press, “”It’s too little, too late. Consumers are waking up and seeing that they have options.”

Don’t Miss: Here’s Why Credit Unions are Thanking Big Banks.

Although it’s unlikely that the movement will make a major impact on banks’ balance sheets, the fact that the group has drawn such attention and achieved a reaction from big banks has given many involved a sense of empowerment. While banks are not reporting account closure numbers, credit unions are happy to report their windfall from the movement. Navy Credit Union, the large credit union in the US, said that account openings for September and October were up 38% from last year. The credit unions are trying to capitalize on their window of opportunity by touting their superior interest rates and customer service.

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