Guess How Much Money Angry Customers Moved Out Of Banks In Support Of Bank Transfer DayNov. 7, 2011
People may have misunderstood exactly how Bank Transfer Day was supposed to work, but it was still a success.
According to ABC News, In October alone Credit Unions around the country gained 650,000 new customers and $4.5 billion were moved out of major banks.
That is obviously a sliver of total bank deposits, but banks have been sent a clear measure.
You can check out the report here, and you'll see what is the most important point.... The report briefly profiles David Meinert, a Seattle small business owner who, after being denied another line of credit, moved $3 million out of Chase and Bank of America and into a local credit union.
In his own words, he did it because, "That kind of money and my level of business doesn't really matter to them (the banks)."
That's probably not what banks want small business owners around the country to be thinking. Credit Unions, on the other hand, are jumping on the opportunity to grab more customers.
Continued here:
http://www.businessinsider.com/angry-customers-move-45-billion-dollars-out-of-banks-and-into-credit-unions-in-october-before-bank-transfer-day-2011-11