Bank Transfer Day: Small Protests, Big Changes Did Bank Transfer Day work? Over the weekend, many Americans came out to protest big banks, and while there's no hard data yet to gauge the day's impact, credit unions around the country are reporting a continuing upsurge in interest.

At Redwood Credit Union in Rohnert Park, Calif., on Saturday, the branch parking lot was packed and inside, extra staff were on hand to welcome new customers, according to a Patch report.

"This is definitely not normal for us," branch manager Amy Anahatou told Patch. "With the Occupy Wall Street movement and Bank Transfer Day, we have seen a lot of growth."

In other cities around the country, protesters gathered in front of big banks and in parks to express their frustration with corporate banking, bailouts and foreclosures.

In San Antonio, Texas, around 100 people connected to march downtown to Chase (JPM) and Bank of America (BAC) branches, according to the San Antonio Express. The Chicago Tribune reported that the Windy City suburb of Oak Park saw about 60 people gathered in a march organized by the local MoveOn.org chapter. Outside a Bank of America in Newtown, Penn., dozens of retirees and middle-aged residents gathered in general support of the "99%" the local news outlet reported. Patch also reported that homeowners joined dissatisfied banking customers in downtown Walnut Creek, Calif., to protest bank bailouts and foreclosures.

Big commercial banks remain unfazed. On Friday, many of the big banks said they planned to conduct business as usual. And last week, Wells Fargo (WFC) announced its attention to focus on nabbing wealthier customers, opening its first branch of Abbot Downing, a new service aimed at customers with net worths of above $50 million.

On the original Bank Transfer Day Facebook page, some satisfied bank transferees have been calling for a new movement: Cut Up Your Credit Card Day.

Last week, the Credit Union National Association reported that at least 650,000 new people had joined credit unions across the country since Sept. 29 for a total of $4.5 billion in new deposits. Nearly 50,000 of those new customers were in Texas, the Texas Credit Union League reported, where at least $326 million had moved to Lone Star credit union accounts by November 2.

The national association said Monday it was still compiling updated national numbers in the wake of the weekend's event.

Historically, credit unions have held about 7% of the consumer banking market share in the United States. Mark Wolff, senior vice president of communications for CUNA, said that percentage is likely to rise given the surge in new members over the last six weeks.

In response to an online poll that was posted on Friday, more than 4,850 DailyFinance readers also said they are planning to move or have already moved their money to a community bank or credit union.

"The amount of attention we have had in a short, condensed period of time is unprecedented," CUNA's Wolff said.

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Adele

if you are sick from watching the Police brutality on the California Campus... be brave... share your views with:
Officer who pepper-sprayed UC Davis students is Lt. John Pike. Give his PD a call 530-752-1727

Annette M. Spicuzza UC Davis Police Chief (530) 752-3113 — she could use a call too.

UC Davis Chancellor Linda P.B. Katehi — feel free to share your thoughts with her: http://chancellor.ucdavis.edu/
FB UC Davis page

November 20 2011 at 2:08 PM Report abuse rate up rate down Reply
tbleecker

So Wells Fargo remained unconcerned and is going after the wealthier customers? Big mistake. If Wells Fargo believes it doesn't need the lower and middle class customers who built this country, that bank is in for a rude awakening. And I'll be one of the first to close my accounts.

November 08 2011 at 2:22 PM Report abuse rate up rate down Reply
savemycountry911

Did you see the pic of the Wall Street protestor crapping on the American Flag? Lib heroes.

November 08 2011 at 1:11 PM Report abuse -1 rate up rate down Reply
1 reply to savemycountry911's comment
savemycountry911

No, I didn't see it on FOX but I SURE didn't see it on the liberial anti-American media.

November 08 2011 at 1:37 PM Report abuse -1 rate up rate down Reply
majbjb

So I guess the story answered it's own question. Banks have done a big "yawn" about this as it seems to be a drop in the bucket to their bottom lines. Credit Unions seem happy though, so I guess it's a win for them.

November 08 2011 at 12:22 PM Report abuse rate up rate down Reply
"ROCKIN" ROBBIE

The mere fact these Banks are reported to not care whether or not you pull out, is even more of a reason to move to a Credit Union. Maybe now you can see how much they really care about you and your money. Now if we could convince more of the more wealthier people to move their money...maybe the "Frankly Scarlett" Banks would begin to listen..and hopefully if that happens, it would be too late for them.

November 08 2011 at 10:47 AM Report abuse +2 rate up rate down Reply
Jennifer

"Most baby boomers have lived a life of growth and privilege. Things have not always been easy but for the most part, they paid the low education costs, low real estate prices, held jobs for much longer than most, and have earned very good incomes. Boomers experienced the lowest interest rates in history, invested in the longest boom in the stock market and have enjoyed good government services."

It was great if you were a boomer, not so great if you are next generation or two after them...

November 08 2011 at 10:19 AM Report abuse +1 rate up rate down Reply
1 reply to Jennifer's comment
Mickylitz

Wow Jennifer......
is it really the way you see the baby boomers ?
They had much less opportunities that the young generation has,they worked hard for peanuts( Don't know where you came up with this very good income idea ) BUT they knew how to save to meet their priorities, they didn't have a college degree where it wasn't needed and because of it retained the common so many youth lack because of that so called great education+ they put the money they saved on education in a place where it was truly needed like " A roof over their heads..."
As for them holding jobs much longer well " No s**t Sherlock ", they weren' t as greedy as the youth now days and where acting on the old saying " A bird in the hand is better than two in a bush " if you even know what that means.
So grab the reins, work as hard as many boomers did , stop asking for pays you don't deserve and just maybe you will get somewhere without sinking our country,....

November 08 2011 at 10:45 AM Report abuse +2 rate up rate down Reply
2 replies to Mickylitz's comment
Jennifer

I do see it that way, yes. Not on a personal level, but on an economic, genation level. I can assure you I did NOT make up the info I posted, it is common knowledge and available all over the internet and financial journals.

November 08 2011 at 1:18 PM Report abuse rate up rate down
Jennifer

U.S. Wealth Gap Between Young, Old Is Widest Ever

HOPE YEN 11/ 7/11 02:26 PM ET

"The 47-to-1 gap in net worth between old and young is believed by demographers to be the highest ever,
even predating government records."

http://www.huffingtonpost.com/2011/11/07/us-wealth-gap-young-old_n_1079372.html?icid=maing-grid107Cdl117C110714

November 08 2011 at 1:27 PM Report abuse +1 rate up rate down
Jennifer

Iasml, I bet you are in your 50's or older??

November 08 2011 at 10:10 AM Report abuse rate up rate down Reply
1 reply to Jennifer's comment
Sour Patch

You sound like so many young people today, I'm retired military and a baby boomer, I don't have a degreebut have managed to put all 3 of my sons through college with out any assistance, no loans, grants ect. Figured I would leave all the free money for those who really need it or for thr rich to seal.

November 08 2011 at 11:15 AM Report abuse rate up rate down Reply
1 reply to Sour Patch's comment
Jennifer

Not looking for free money, I wouldn't qualify anyway. I am college educated and work full time. My husband also works full time. We have what I would consider a decent amount of money coming in and our taxes definitely go toward paying for the welfare programs as well. The cost of living compared to income now compared to the 50's and 60's is a lot different though. During that period of time, a two income household was a bonus, not a necessity, now, it is required just to keep the lights on. Look at the cost of food, gas etc... I don't think the "boomers" did anything wrong, however, I don't think they actually realize, financially speaking, what a great period of growth they enjoyed during their working years. The current working generation raising kids and putting them through college and paying $200,000 and up for a mortgage do not have what they had. It's not just young people wanting "freebies" we too are paying for others "freebies" plus supporting the older generation (while they have money in the bank and we don't) along with keeping our own heads above water.

November 08 2011 at 1:16 PM Report abuse rate up rate down
Ted Langs

big Banks seem not to care about losing customers in their attempt to raise fees any way they can. The lack of interest on the part of the large institution over losing customers is one good reasons to move to Credit Unions and smaller banks who care.
Will this affect mortgage lending by the big banks? Will CU and smaller banks be able to handle the overflow of those that want their mortgages taken out of the hands of the large Banks?

November 08 2011 at 9:37 AM Report abuse +1 rate up rate down Reply
lasml

So tired of all these protesters. The big banks don't care and they will survive. I bank with Chase and I have not had any problems. And as for their "cut up your credit card day", well, those people probably do need to cut them up. Evidently, they keep running a balance and that is why they have trouble. I have an American Express, and a Visa and I use them for convience and just about pay them off every month. I have others too that I don't use, so when all of this credit care mess came out and banks were cutting people's credit, I did not have a problem. I think a lot of this is how many of these people conducted themselves and expect something for nothing. It is time that all of these "protesters" take responsibility and go to work and stop living above their means. Just like the students complaining about their loans. No one made them take out the hugh loans and it was explained that they would have to pay them back. When we went to college, we worked and helped pay our way because our parents could not afford to send us. this has become too much of a "give me" society and this administration now is doing everything he can to divide this country in every way.

November 08 2011 at 9:01 AM Report abuse -2 rate up rate down Reply
1 reply to lasml's comment
Mickylitz

I own one credit card for travel and emergencies and as you lasml I pay the balance off every month,I never had a problem with Chase either in fact I earn points with every purchases and get cash back for them.
When people don't know what they're doing or don't care they think they're getting screwed by banks and others when it's actually their own fault
As for your observation about the protesters, I am 100% with you.

Being unemployed is a tough thing however many of these protesters don't even try to make ends meet, they're only interested at creating chaos and want to force people to see things their way Only, and many of these people are students who have never worked a day in their lives, they have been taken care of by Mommy and Daddy all of their lives and have no clue what hardship means.

Detroying others property won't earn them any browny points in my book, they better learn the meaning of starting at the bottom and work themselves up to the top and not the other way around.

They are the type of parasites who will sink our country.

November 08 2011 at 9:48 AM Report abuse +1 rate up rate down Reply
judy

Imagine banks without country.

November 08 2011 at 8:22 AM Report abuse +2 rate up rate down Reply