650,000 Americans Joined Credit Unions Last Month — More Than in All of 2010 Combined

initial commentary from a collapsenet.com staffer:

Only 600,000 Americans joined Credit Unions in 2010, but 650,000 joined up in October 2011 alone. With increasing fees from megabanks like Bank of America, growing discontent towards the banking sector in general, and the Occupy Movement's call to transfer funds out of "too big to fail" banks by November 5th, it seems more people are putting their money where their mouths are. -Max Mogren, CollapseNet Staff
650,000 Americans Joined Credit Unions Last Month — More Than in All of 2010 Combined

One of the tactics the 99 Percenters are using to take back the country from the 1 percent is to move their money from big banks to credit unions, community banks, and other smaller financial unions that aren’t gambling with our nation’s future.

Now, the Credit Union National Association (CUNA) reports that a whopping 650,000 Americans have joined credit unions since Sept. 29 — the date that Bank of America announced it would start charging a $5 monthly debit fee, a move it backed down on this week.

To put that in perspective, there were only 600,000 new members for credit unions in all of 2010. “These 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 Bill Cheney.

This Saturday, 99 Percenters are calling on Americans to move their money from big banks to credit unions and community banks on what is being called “Bank Transfer Day.” If you want to stand with the 99 Percent and take part in this action, use the Move Your Money project’s community bank and credit union finder tool to find out how. (HT: [at]blogdiva)

By Zaid Jilani | Sourced from Think Progress Posted at November 3, 2011, 2:03 pm