Bank Transfer Day: More Banks Back Off as CUs Keep Up Push – Credit Union Times

The credit union industry kept up the Bank Transfer Day offensive Tuesday as two more large banks, SunTrust Banks Inc. of Atlanta and Regions Financial Corp of Birmingham,...

The credit union industry kept up the Bank Transfer Day offensive Tuesday as two more large banks, SunTrust Banks Inc. of Atlanta and Regions Financial Corp of Birmingham, Ala., canceled new debit fee programs in response to customer backlash.

Despite the SunTrust/Regions reversal in calling off $5 and $4 fees, CUNA officials maintained that public outrage continued despite the pullbacks, which included an “evolving” attitude on Bank of America’s poart as it dropped plans Tuesday for its $5 charge and Wells Fargo’s decision to suspend its $3 “test” fee.

They argued the moves so far did not seem to have any impact on Bank Transfer Day switching prospects as Saturday, Nov. 5, approaches.

A CUNA spokesman noted once again that online respondents “accepting” Los Angeles art dealer Kristen Christian’s Facebook invitation to “transfer” have now topped 70,000, with 435,000 now “invited” to the site.

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