Saturday, November 05, 2011

Move Your Money

These guys took the sign with them

Follow-up to my post on credit unions in honor of Bank Transfer Day. I was wondering about the nationwide numbers, and now I know.

The Credit Union National Association (CUNA) reports that a whopping 650,000 Americans have joined credit unions since Sept. 29 — the date that Bank of America announced it would start charging a $5 monthly debit fee, a move it backed down on this week.

To put that in perspective, there were only 600,000 new members for credit unions in all of 2010. “These results indicate that consumers are clearly making a smarter choice by moving to credit unions where, on average, they will save about $70 a year in fewer or no fees, lower rates on loans and higher return on savings,” said CUNA President Bill Cheney.

OK, they didn't really take the sign - 5th3rd is changing their color scheme/logo, and today was the day they took the signs down from the 10-story tall HQ downtown. Fascinating to watch.