Scores of fed up customers are ditching big banks

The nationwide "Move Your Money" and "Bank Transfer Day" are this Saturday, November 5. Since Bank of America and other big banks announced new debit card fees thousands of disgruntled customers across the nation started dumping their bank accounts in favor of not-for-profit community banks and credit unions which tend to have fewer and smaller fees. According to the Credit Union National Association over 650,000 new members have joined various credit unions in the last month alone and more than 4 out of 5 new credit union customers have stated the reason for the move being new bank fees and the "Bank Transfer Day". So far this amounts to a staggering $4.5 billion in new savings accounts that the big banks are not going to get their hands on. The Independent Community Bankers of America said they have seen an equally staggering increase of new inquiries and new customers. And all of this is happening even before the actual "Bank Transfer Day". With thousands more who have pledged to leave their big banks this Saturday we could see these numbers skyrocket by the end of the week. Imagine the possibilities...

In the meantime the Occupy Wall Street movement is holding its own "Dump Your Bank Day" on Tuesday, November 8. So it seems pretty likely that even more people will join this wave of defiance. Even though big banks decided not to introduce the new debit card fees after all the experts in the banking industry agree that more fees and higher existing fees will be rolling out soon as banks will need to look for other creative ways to make up for lost revenue. This may in turn push even more customers away. Is the commercial banking industry, as we know it today, heading for a speedy demise?

Here is what a few of our fellow citizens had to say about the whole situation, which really drives the point home:

"They take your deposits and use them to buy politicians to de-regulate, give them immunity, interest-free loans and bailouts. Then they turn around and charge you fees to make them even richer."

"Take your money to a credit union or a community bank that will use your money in your community and not to pervert the rule of law and fill their own pockets."

[CNN]