Reports on the participation in the November 5th Bank Transfer Day have been coming in. Bank Transfer Day was the Facebook-driven campaign that urged people to close their megabank accounts and move their money to credit unions and community banks. It became popular after the megabanks introduced new debit card fees. According to Credit Union National Association (CUNA):
Credit unions brought in 40,000 in new members, and added $80 million in new savings account funds, on last Saturday's Bank Transfer Day, capping a month that resulted in nearly 700,000 new credit union members joining the movement.
Last week CUNA had stated that credit unions gained $4.5 billion in deposits during the month before Bank Transfer Day. That's a good start, but as I showed in my review of the largest banks and credit unions, it's going to take a lot more to get the megabanks down to a more reasonable size.
Even though Bank Transfer Day is over, it's not too late to move your money. Many credit unions and community banks still have active new-account promotions. I reviewed some of these on Thursday. Here's a list of my recent bank bonus posts, and you can review all available bonuses in our bank promotions page.
Some people may choose not to leave their megabanks due to the conveniences they provide. Also, some may think they won't be able to qualify for membership into a credit union. I reviewed these concerns in this Friday post.