On September 29th, 2011, Bank of America disclosed plans to collect a fee for standard checking accounts. The fee sparked an outcry among Americans threatening to close their bank accounts and move to other institutions.

Americans rallied together for November 5th, Bank Transfer Day (BTD), as an opportune time to make the switch. Community banks and credit unions capitalized by encouraging customers to move their money to the institutions that don’t charge such fees.

In the final week of October leading up to BTD, eight major financial institutions one-by-one decided not to charge debit card fees, falling to the threats made by consumers.

We’ve seen the power of Americans rallying together to stand up and protect their financial needs. When consumers stand as one, even some of the most powerful corporations in the world will listen.

Consumers stood as one on Bank Transfer Day. In the aftermath, Credit Unions picked up 650,000 new customers – more than all of 2010 combined – totaling $4.5 billion in deposits. Big banks stand to lose more. Their reputation is so thoroughly tarnished among the masses that the ten biggest US banks could collectively lose $185 billion in deposits over the next year if they don’t do more to please their customers.

A Changing World: Consumers Gain Control
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