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Bank Transfer Day

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BUSINESS
July 31, 2012 | By E. Scott Reckard
Consumers began shifting deposits out of banks and into credit unions right after the financial crisis erupted in 2008, nearly three years before populist rhetoric escalated into Bank Transfer Day last November, a study by SNL Financial shows.  A burst of advertising that portrayed credit unions as the friendlier and healthier alternative to banks beginning in 2009 may have contributed to the shift. But advocates of the nonprofit financial firms attribute the gains by credit unions to a crisis in confidence for traditional banks, the study said.
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BUSINESS
July 31, 2012 | By E. Scott Reckard
Consumers began shifting deposits out of banks and into credit unions right after the financial crisis erupted in 2008, nearly three years before populist rhetoric escalated into Bank Transfer Day last November, a study by SNL Financial shows.  A burst of advertising that portrayed credit unions as the friendlier and healthier alternative to banks beginning in 2009 may have contributed to the shift. But advocates of the nonprofit financial firms attribute the gains by credit unions to a crisis in confidence for traditional banks, the study said.
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BUSINESS
November 4, 2011 | By Stuart Pfeifer and E. Scott Reckard, Los Angeles Times
When Kristen Christian learned that Bank of America Corp. planned to charge her a $5 monthly debit card fee, she did what many people do these days when they get mad: She ranted on Facebook. What followed was an illustration of the power of social media. Her Facebook post urging friends to abandon big banks unwittingly blossomed into a national campaign. More than 75,000 people have pledged to participate in "Bank Transfer Day" by moving their money from large U.S. banks to nonprofit credit unions by Saturday, Christian said.
BUSINESS
November 4, 2011 | By Stuart Pfeifer and E. Scott Reckard, Los Angeles Times
When Kristen Christian learned that Bank of America Corp. planned to charge her a $5 monthly debit card fee, she did what many people do these days when they get mad: She ranted on Facebook. What followed was an illustration of the power of social media. Her Facebook post urging friends to abandon big banks unwittingly blossomed into a national campaign. More than 75,000 people have pledged to participate in "Bank Transfer Day" by moving their money from large U.S. banks to nonprofit credit unions by Saturday, Christian said.
BUSINESS
February 6, 2012 | By E. Scott Reckard
About 610,000 U.S. bank customers switched to a smaller institution in the last three months of 2011 to protest plans by major banks to impose monthly charges for using debit cards, according to a financial services market-research firm. That represented 11% of the 5.6 million U.S. people who switched banks during that period -- a relatively modest number, Javelin Strategy & Research said in a report Monday. Javelin said it analyzed the online responses of 5,878 people to gauge the effect of the backlash triggered by Bank of America Corp.'s plan to charge $5 a month to customers who used their debit cards for purchases.
CALIFORNIA | LOCAL
November 6, 2011 | By Kate Linthicum, Los Angeles Times
Trying to build on momentum generated by the Occupy movement, hundreds of protesters marched through downtown L.A.'s financial district Saturday to vent frustration with banks, income inequality and Wall Street. The demonstration was timed to coincide with Bank Transfer Day, a grass-roots drive to get people across the nation to move money from big banks into smaller banks or credit unions. The campaign, which began when an Echo Park woman proposed the idea to friends on Facebook, appears to have been effective: About 650,000 Americans have opened credit union accounts in the past month, a figure much higher than the 80,000 monthly average, according to a trade organization for credit unions.
BUSINESS
February 27, 2012 | By E. Scott Reckard
Nearly 10% of bank customers switched to another financial institution last year, with a third saying onerous fees prompted the move, a J.D. Power & Associates study found. The 9.6% who moved their money compared to 8.7% in 2010 and 7.7% in 2009 - an increase the study attributed to a backlash against increased fees, coupled with poor service and unmet customer expectations. “It is apparent that new or increased fees are the proverbial straws that break the camel's back,” said Michael Beird, director of Power's banking services practice.
BUSINESS
August 28, 2013 | By E. Scott Reckard
In the annals of image problems, the banking industry ranks right up there .... er, down there ... in the company of Congress, with a high-profile survey ranking Bank of America Corp. at the bottom of the heap.  Five years after the financial crisis, the Reputation Institute survey said banking has a worse reputation than Big Pharma, news outlets, oil companies and telecommunications firms -- though not so bad as Congress. The most highly regarded industries were transport, consumer products, industrial products, food manufacturing and computers.
BUSINESS
March 2, 2012 | E. Scott Reckard and Jim Puzzanghera
Consumers fed up with the rising tide of bank fees helped the nation's credit unions more than double their number of new customers last year, new figures show. More than 1.3 million Americans opened new credit union accounts last year, up from less than 600,000 in 2010, the National Credit Union Administration reported. That brings the number of credit union members to a record 91.8 million. Activists say those numbers might swell even further if major banks try to squeeze more fees out of their customers.
BUSINESS
November 4, 2011 | Tom Petruno, Market Beat
Popular outrage forced Bank of America Corp. to drop the idea of a $5-a-month debit card fee. Now imagine what that outrage could achieve if it were let loose across the financial industry. How many mutual funds, if faced with that kind of people-power backlash, could justify the management and marketing fees they're charging investors? How many banks would find their deposits running out the door if savers really took the time to shop around for the best rates? How many company 401(k)
BUSINESS
November 1, 2011 | By E. Scott Reckard, Los Angeles Times
Bank of America abandoned plans to charge customers $5 a month to use their debit cards, marking a high-profile retreat for a fee that became emblematic of the current populist outrage against Wall Street. The nation's second-largest bank was broadsided by customer protests — and even criticism from President Obama — after announcing the charge in September. BofA's position was further weakened as rivals including JPMorgan Chase & Co. and Wells Fargo & Co. declared they would not impose similar fees.
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