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While national credit union trade organizations are still adding up the numbers to determine just how good bank transfer day was for their members, a new report shows that in Texas alone over 47,000 people joined credit unions over the past month:

In protest of rising bank fees, hidden charges and profit-driven business motives, occupiers are making a collective effort to transfer their money into what they see are more ethical and trustworthy institutions.

About 47,000 Texans have joined credit unions in the past month, moving some $326 million by November 2 – four times the usual growth rate, reports the Texas Credit Union League.

Anecdotal reports from places as diverse as Charlotte, Berkeley, Los Angeles, Des Moines and Rohnert Park all tell the same tale of booming credit union growth.

Originally posted to Chris Bowers on Mon Nov 07, 2011 at 09:51 AM PST.

Also republished by Daily Kos.

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Comment Preferences

  •  I can't wait to see how the national numbers (18+ / 0-)

    shake out, once the dust has settled.  Gotta say that Move Your Money has succeeded beyond my wildest imaginings, and it isn't even done snow-balling.

    And for me, the addition of Bank Transfer Day ("Remember, remember, the Fifth of November!") was a motivating deadline to get all the considerable chores around it wrapped up.  It was a push to finish the tasks even though we started almost a month earlier.  

    Always did work to deadline.

    "The extinction of the human race will come from its inability to EMOTIONALLY comprehend the exponential function." -- Edward Teller

    by lgmcp on Mon Nov 07, 2011 at 09:56:06 AM PST

  •  Great news. I heard about this at DKos... (6+ / 0-)

    Does anyone know who has actually started it?

    Wonders are many, but none so wonderful as man.

    by Morgan Sandlin on Mon Nov 07, 2011 at 10:14:39 AM PST

  •  I just hope CU's begin to use their new funds to (17+ / 0-)

    help Main Street and quickly.

    Hope has a hole in it when Republicans come, bringing shackles and sorrow; branding their greed on the backs of the poor. - Wendy Connors

    by Wendys Wink on Mon Nov 07, 2011 at 10:23:17 AM PST

  •  CUs loan locally (8+ / 0-)

    they're not a profit-driven enterprise so in large part don't hoard casn (one thing about ours is if we need more than a certain amount of cash we need to provide advance notice; but since it's enough cash to buy a secondhand car before you hit the limit, we don't worry about it).

    LBJ & Lady Bird, Sully Sullenberger, Molly Ivins, Barbara Jordan, Ann Richards, Drew Brees: Texas is No Bush League! -7.50,-5.59

    by BlackSheep1 on Mon Nov 07, 2011 at 10:40:51 AM PST

  •  This makes me even happier... (3+ / 0-)
    Recommended by:
    Odysseus, FarWestGirl, Chi

    ...that my wife and I didn't move our money from a small Texas bank that used to be a credit union to a big-name national bank that was "too big to fail" whose name isn't Bank of America.

    "First they ignore you, then they laugh at you, then they fight you, then you win." --Gandhi

    by alaprst on Mon Nov 07, 2011 at 12:55:26 PM PST

  •  We Opened Most of the Incoming Accounts Before (1+ / 0-)
    Recommended by:
    bythesea

    but it'll be another 5-10 days before our big fund transfer happens.

    So we'll go onto the November stats.

    We are called to speak for the weak, for the voiceless, for victims of our nation and for those it calls enemy.... --ML King "Beyond Vietnam"

    by Gooserock on Mon Nov 07, 2011 at 07:35:26 PM PST

  •  Is it all banks? (0+ / 0-)

    Or just the Big Four?  I'm happy with my bank, which is not a credit union but also not one of the Big Four.

    27, white male, TX-26 (current), TN-07 (originally), liberal-leaning independent

    by TDDVandy on Mon Nov 07, 2011 at 07:42:31 PM PST

  •  Oh, the socialism! I'm getting the vapors! (4+ / 0-)
    Recommended by:
    niemann, Bluefin, jts327, Matt Z

    You have exactly 10 seconds to change that look of disgusting pity into one of enormous respect!

    by Cartoon Peril on Mon Nov 07, 2011 at 08:00:20 PM PST

  •  I had a hellish time (1+ / 0-)
    Recommended by:
    tb mare

    trying to switch to a CU.

    My wife any I decided to move our account to a CU about a month ago. It just so happened that she opened a CU account last spring and almost forgot about it. The week we decided to move our money, we got a statement from the CU stating our account was overdrawn by $230. My wife hadn't used the account since the first week she had opened it and it only had $5 in the account.
    We went down to the branch and found that a water bill had been charged to her account. We asked how could that be, since we do not have a water bill. At first they said it was was probably human error and an account number was transposed or something. We asked how there could not be some cross reference (a matching name to the account number, or something) for a transaction to be placed. They said it was cross referenced with our address. Well, we have never paid a water bill because it is included in our rent. But lets say our landlord forgot to pay it. Does this mean the water bureau has the right to just take the money out of any bank account it can find that is associated with the unpaid water bill? They had no answer for that.

    So we decided to open an account at a CU closer to our home. We applied online, only to receive a rejection letter in the mail due to "delinquent past or present obligations with others" and "collection action or judgment." Well, my wife was a month late on one of her department store credit cards, but that has never been a problem when that happens. And we certainly did not have any collection actions or judgments against us. We suspect the problem might be the water bill fiasco, but we won't be sure until we get a copy of the credit report.

    The water bill mess was finally fixed by the first CU - no explanation was offered. We still have the account open, but we really don't feel comfortable banking with a CU that would allow such an egregious error.

    So, we are still with our corporate bank until we fix whatever problem might be with our credit.

    In other news - who knew a CU wouldn't take a customer with credit problems?

    Inquiry that does not achieve coordination of behaviour is not inquiry but simply wordplay - Richard Rorty

    by BuckMulligan on Mon Nov 07, 2011 at 08:23:10 PM PST

  •  I used to have an account... (2+ / 0-)
    Recommended by:
    Bluefin, Matt Z

    ...with a large credit union (with branches in 3 states) that I'd gotten as a child.  It worked great for me until we moved a good 2500 miles away from the closest branch office.  

    I didn't think much of it and opened an account with a bank my aunt worked for (and raved about) but kept a small savings and VISA account open with the credit union.   Within a year my new bank was bought out by Wells fargo, but that was okay.  For the most part I haven't been unhappy with them in particular.  And a dozen years ago it wasnt' feasible for me to consider banking with my old credit union, so far away.

    But now I'm wondering if it is.  CU networks can enable me to access my CU account from a local credit union on the 1 or 2 times a year I actually have to go into a branch office.   lower fees, higher intrest rates on savings and CDs and even interest bearing checking accounts.

    My CU has all the same online banking ability that Wells Fargo has, and even has iphone/android app that I can do banking on (like wells fargo).  Why am I still with Wells fargo?

    I'd have to call them to get the details, but it's more doable than it's ever been.

    It used to be that credit unions had to severely restrict their memberships. But when memberships can be extended to family members of members, it's really doable anywhere.

    Almost EVERYONE is related to SOMEONE with a credit union account.  Why do people even use banks?

    "And, spite of pride in erring reason’s spite, One truth is clear, whatever is, is right." Alexander Pope -Essay on Man

    by DawnG on Mon Nov 07, 2011 at 08:25:19 PM PST

  •  Hope that video goes viral. (1+ / 0-)
    Recommended by:
    Matt Z

    Remember the Pelicans

    by Irons33 on Mon Nov 07, 2011 at 09:21:51 PM PST

  •  The credit unions need to watch their backs now, (3+ / 0-)
    Recommended by:
    katiec, tb mare, Matt Z

    even more than before.
    The banks have been trying for many years to hamstring credit unions in various ways by lobbying for anti-CU/pro bank legislation both in DC and at the state level.

    Bank success has been spotty so far (the CU's fight back tooth and nail), but look for the banksters to do the Rethuggie thing and double down henceforth.

    "Double, double, toile and trouble; Fire burne, and Cauldron bubble... By the pricking of my Thumbes, Something wicked this way comes": Republicans Willkommen auf das Vierte Reich! Sie Angelegenheit nicht mehr.

    by Bluefin on Mon Nov 07, 2011 at 09:35:22 PM PST

  •  A great comment from a WellsFargo teller today. (3+ / 0-)
    Recommended by:
    jts327, dan667, Matt Z

    Today I helped an elderly friend close his two BofA and Well Fargo accounts.  

    We've been planning to do it anyway, before I even heard of Move Your Money day, partially just to simplify his finances, but also as a private gesture to get away from the evil big banks ... but it was a happy coincidence that after seeing his pensions and Social Security deposits successfully rerouted to his new credit union account at the beginning of this month, our plan just happened to coincide with the national event.

    ANYWAY.

    At Wells Fargo we got a nice teller who helped us.  (I made a point to tell her and the young man who helped us close the account that our actions had nothing to do with the nice local people who work there, but with the bigger issues of the company as a whole.)  

    She went to get a cashier's check, and then came back and said, sincerely apologetically, "I'm sorry, but for a check over a certain amount there's a $10 fee."

    I muttered, "That's part of the reason we're leaving."

    And she muttered back, under her breath, "I can't say anything ... but I understand."

    I gave her a discreet thumbs-up.

    •  you get to keep your money at a credit union (1+ / 0-)
      Recommended by:
      Matt Z

      regardless of what you think of the politics, if you carefully select a local bank or credit union you don't get charged stupid made up fees.  And the service I have gotten is even better than just being personable like this teller.

  •  BECU + 17,000 in October (0+ / 0-)

    They were only +11,000 for the year to date ending Sept 30 but opened 17,000 new accounts in October alone.  It's working.

    General Strike WA--Occupy the Legislature, Monday Nov 28--Olympia. Union Supported--10,000 expected to be here. Stop the cuts until the corporations pay their share. www.OccupyOlympia.org

    by YellerDog on Tue Nov 08, 2011 at 12:40:09 AM PST

  •  Not me (0+ / 0-)

    Opened a kiddie account at UFCU in 1968. Bank there today.

  •  OH and MI (0+ / 0-)

    In Ohio, 15,000 new customers enrolled in credit unions, adding $106 million in deposits between Sept. 29 and Oct. 29, according to Patrick Harris, a spokesman for the Ohio Credit Union League.

    “Usually we only get about 30,000 new members a year, so to have 15,000 join in a month is pretty remarkable. This recent jump has been attributed to all the coverage in the media due to bank debit fees,” he said.

    The Michigan Credit Union League said its members gained 27,900 new customers during the Sept. 29-Oct. 29 period — about the same number who joined Michigan credit unions in all of 2010.

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