Interest In Local Credit Unions Spikes Ahead Of National Bank Transfer Day
A movement is brewing across the nation, encouraging people to transfer their funds from big banks to local institutions.
Jacque Valdez, president of the El Paso Chapter of Credit Unions, said there’s been a spike in visits and phone calls at credit unions within the past few months. She hopes that momentum will carry into Nov. 5, which is now considered National Bank Transfer Day.
“It’s a national movement for consumer awareness,” said Valdez. “We want consumers to educate themselves and make the best choice that meets their needs.”
The grassroots idea has a strong online presence, thanks in large part to the Occupy movement. Activists cite frustrations with the way banks handle business and new, soon-to-be implemented fees for debit cards at Bank of America, Chase and Sun Trust, to name a few.
The banking industry justifies its higher fees, saying the expense of operating its ATM networks is rising and that new rules from Congress could add up to losses in revenue.
Valdez said the 10 credit unions in her group are nonprofit, community-owned organizations. “We offer similar services (to banks); however, you would be an owner and have a vote in what happens in the institution. At our annual meetings, there are several things you can bring up, suggestions you may have,” Valdez said.
People who are thinking of transferring your account or starting a new one at a credit union for National Transfer Day should call ahead for hours of operation. Nov. 5 falls on a Saturday, which means some credit unions may only be open for half a day.
Link:Bye-Bye, Banks: 9 Tips Before You Switch to a Credit Union.
