From the Credit Union National Assn:

650,000 new members ahead of Bank Transfer Day
WASHINGTON (11/4/11)--At least 650,000 consumers across the nation have
joined credit unions in the past four weeks, reflecting consumers'
reactions to rising fees at banks, according to a survey by the Credit
Union National Association (CUNA).

They have joined credit unions since Sept. 29, when Bank of America
(BofA) unveiled its plans to charge $5 a month for debit cards. The
public outcry the past month has forced BofA and other big banks to
reconsider their debit fees.

CUNA estimates that credit unions have added $4.5 billion in new savings
accounts. More than four in every five credit unions experiencing growth
since Sept. 29 attributed the growth to consumer reaction to new fees
imposed by banks, or a combination of consumer reactions to the new bank
fees plus the social media-inspired Bank Transfer Day. Bank Transfer
Day, which is tomorrow, urges consumers to switch from big banks to
smaller credit unions and community banks.

"The 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/CEO Bill Cheney.

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Even though BofA has rescinded its proposed fee for debit card/ATM use,
it is likely the "disintermediation" from big banks will continue. If
so, it will be good for average Americans and their communities.