Many Americans Opt For Credit Unions
Once again we see the backbone of Americans as they put their money where their mouth is...
An estimated 40,000 people joined credit unions on “Bank Transfer Day” last Saturday, bringing $80 million in deposits with them and likely breaking the record for new membership, according to the results of an industrywide survey released yesterday.
Angered by mounting bank fees, Los Angeles art gallery owner Kristen Christian set up a Facebook event page last month encouraging people to switch their accounts from large corporate banks to small local banks or credit unions on Nov. 5.
Her movement quickly went viral and became an outlet for the populist rage emanating from the Occupy Wall Street protests.
In the month leading up to Bank Transfer Day, the Credit Union National Association estimated that 650,000 people joined credit unions across the country, depositing $4.5 billion, based on responses from 5,000 of their 7,400 members.
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