People switching from big banks to credit unions

November 4, 2011 7:54:15 AM PDT
An online movement called "bank transfer day" could lead to lines at banks and credit unions Friday.

An estimated 650,000 people have already switched from big banks like Bank of America in recent weeks, even though plans to charge debit card holders a $5 monthly fee have been dropped.

Cindy O took her money out of a big bank and plunked it in to Bethpage Credit on Long Island, and she's not alone.

Bethpage Credit is opening 100 new checking accounts a day.

That's 70 percent more than normal, spurred, it seems, not by Occupy Wall Street, but by a Facebook group called "Bank Transfer Day" that is encouraging folks to stand up to their banks for the better deals at credit unions.

Banks have stockholders and have enormous pressure to turn bigger and bigger profits.

Credit unions aren't even allowed to make a profit, so they can offer better deals.

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