As a result of the controversy surrounding several banks reportedly attempting to charge their customers debit card fees, more people joined credit unions in the last month than did in 2010.
At least 650,000 people joined credit unions since September 29th, the day Bank of America announced it would charge a $5 per month fee to use their debt card for purchases starting in 2012. The bank has since killed that idea after all the negative feedback they received from it.
More than 80 percent of the credit unions that experienced a boost last month attributed the growth to fees like Bank of America’s or a mix of reactions to fees and “Bank Transfer Day” — a social media-centered movement encouraging consumers to transfer their money from banks to credit unions or other non-traditional lenders, according to CUNA.
The banks are likely feeling the customer anger. A Bank of America official said the bank decided to scrap the debit card fee earlier this week as other banks also dropped their fees in response to the outcry, according to Reuters.