A national social media campaign with more than 32,000 “likes” and almost 70,000 attendees on Facebook aims to get consumers to switch from commercial banks to credit unions.
According to the event page, Bank Transfer Day was started in response to a provision of the Dodd–Frank Wall Street Reform and Consumer Protection Act that regulates large banks’ debit card interchange fees. As a result, many banks have decided to charge customers a monthly fee for use of a debit card.
Bank Transfer Day attendees are asked to transfer their funds to credit unions and close accounts at banking institutions by the end of the day on Nov. 5.
