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Credit unions see influx of customers thanks to bank fee backlash

November 23, 2011

Thanks to the announcements from many financial institutions regarding new charges for debit and other services, many people around the country have been moving their money to community credit unions.

Thanks to the announcements from many financial institutions regarding new charges for debit and other services, many people around the country have been moving their money to community credit unions. And while some of the largest banks, such as Bank of America, have retreated from their proposals to charge consumers $5 a month to use debit cards for merchant services, the anger still lingers.

In fact, on November 5, a group of grassroots organizers laid out a “Bank Transfer Day” effort, which called on people who had their money in large banks to move their assets. The Lansing State Journal reports that one Michigan institution, Lake Trust Credit Union saw a 10 percent increase in the number of people added during the period between September 29 and November 4.

“People are definitely exercising their choice,” said spokeswoman Danielle Brehmer in an interview with the newspaper. “They’ve experienced some things that they’re not happy with.”

The displeasure with some of the biggest banks on Wall Street can be seen from coast to coast with various Occupy movements taking hold.

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