Fed-Up Consumers Planning For “Bank Transfer Day”
A grassroots movement is urging bank customers to close their accounts in favor of credit unions by Saturday.
The spirit behind "Bank Transfer Day" has caught fire with the Occupy Wall Street protests around the country and as of Friday has more than 79,000 supporters on its Facebook page. The movement has already helped beat back Bank of America's plan to start charging a $5 debit card fee.
It's not clear to what extent the banking industry's about-face on debit card fees will extinguish the anger driving the movement. But many supporters say their actions are about far more than any single complaint.
Kristen Christian, the 27-year-old Los Angeles small business owner who started "Bank Transfer Day" says "Consumers are waking up and seeing that they have options. "
Even with its public support, however, it's not likely that any account closings that take place on Saturday will make a big dent with the industry titans.