Credit unions were the beneficiaries of a completely organic outgrowth of support through the Facebook-promoted Bank Transfer Day, which encouraged people to transfer their money to credit unions on Nov. 5. The genesis of this movement was consumer frustration with rising bank fees.
Ultimately, the banks withdrew their plans to charge a debit fee; but it was too little, too late. This was the straw that broke the camel’s back, and consumers, who already were frustrated because of the fallout from the financial crisis, voted with their money and chose Main Street over Wall Street.
Credit unions across the country gained attention for their consumer-centered focus and for holding the line on fees. At a credit union, profits go back to the members in the form of lower fees, competitive interest rates, increased dividends and excellent member service. The member is the boss at a credit union.
A recent Harris Poll underscored the positive relationship that people have enjoyed with credit unions. Poll results showed credit union members are three times as likely as Bank of America customers to experience a trustworthy relationship and feel valued.