650,000 Americans Joined Credit Unions Last Month — More Than In All Of 2010 Combined

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    Nov 06, 2011 11:01 PM GMT
    http://thinkprogress.org/special/2011/11/03/360804/650000-americans-credit-unions/

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    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: @blogdiva)
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    Nov 06, 2011 11:09 PM GMT
    Thanks for posting this.
    I've already done made the switch and I hope a lot of other folks do too.
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    Nov 08, 2011 1:26 AM GMT
    worth bumping