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Bank Transfer Day set for tomorrow

A man holds up some credit and debit cards

Steve Chiotakis: This week banks backed down from debit cards fees -- just in time, it seems, for Bank Transfer Day. That social media-led movement
has its big day tomorrow.

Marketplace's Eve Troeh reports.


Eve Troeh: Bank Transfer Day is led by Los Angeles activist Kristen Christian. She's encouraged people to close their accounts for months in anticipation of the movement's grand finale tomorrow.

Most supporters have already switched to credit unions, she says. And big banks haven't turned over a new leaf just because they scrapped debit card fees.

Kristen Christian: Supporters of the movement have added a new hashtag to Twitter for this. That is #toolittletoolate.

Ron Shevin: If anything they may actually have created more of a problem by dropping the fees.

Ron Shevlin with bank consulting firm Aite Group says cancelling one fee so easily makes all bank fees seem arbitrary and optional.

He says credit unions can't take the "credit" for spurring people to switch but new customers are landing in their laps young ones. The average age for credit union customers has been 40 and up.

Shevlin: I am very much willing to bet that the vast majority of new accounts has been younger folks, mostly in the Gen Y population.

The Credit Union National Association says its members have added 650,000 new customers since Bank Transfer Day started. In terms of total number of bank accounts in the U.S., that's about 1 percent.

I'm Eve Troeh for Marketplace.

About the author

Eve Troeh is News Director at WWNO-FM in New Orleans, La., helping build the first public radio news department in the station’s 40-year history. She reported for the Marketplace Sustainability Desk from 2010 to 2013.
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If you, like 1149 of us, have a net worth of one billion dollars or more thus you fall into the *billionaire's caste*. Not billionaire? Not, but worth more than one million? Like 10 million other millionaires around the World? If, you are a member of *millionaire's caste*. You not inside any of the above castes? Do you have annual income greater than GDP/denizen? Greater than $7,049/year? Less than $7,049? Dooon worry! Either way I'll give you free membership in the

*Middle Class Caste*
!

no charge

Gratis
!

You can use membership card for admission to "Bank Transfer Day" on Wall Street. After you occupy to force bankers into retreat, can you settle back relax and order a 2 martini sandwich? Or will you be over-run by the *lowest financial caste*, high no believing? Believing in celebration of Guy Fawkes Riot. Will lowest financial caste slit your throat with machete before your first vermouth full?.

A penny 4 the Guy
?

Before we get too enamored of this, let's remember that credit unions have a tax advantage over banks. Thus, tax-payers are providing a competitive advantage to the CU.

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