Bank Transfer Day: Technologists Say Thousands Already Switching

[TheNewMe]

Bank Transfer Day: Technologists Say Thousands Already Switching

Credit Union Times
From the October 26, 2011 issue
Transfer Day Parade Led by CUs
Movement Hopes to Capitalize on Anti-Bank Sentiment
By Myriam DiGiovanni, Jim Rubenstein

Quote:...
“We’ve more than doubled our usual rate of membership growth in the past 17 or 18 days,” said Howie Wu, vice president of virtual banking at the $9.5 billion, 700,000-member BECU in Tukwila, Wash.

“We usually average about 6,000 to 7,000 new members a month, but from the date of Bank of America’s announcement to today, we’ve totaled 10,400 new members,” Wu said Thursday.
...

“We saw a spike in volume the day Bank of America actually announced the fee, which is pretty predictable, but then it went up about 40% the next day and has stayed at that level ever since,” [Charlie] Kroll [of Andera Inc, which hosts transfer activity for > 500 CUs & banks] said.
...

“We’re noticing that these are full relationships a lot of the time, rather than just opening up one account or getting a loan. We’re getting multiple accounts, savings and checking and loan products. They’re trying to move their relationships out of Bank of America, a lot of the time, to BECU,” said Wu, the big Seattle credit union’s virtual banking executive.
...

A lot is going on, and it's not even Bank Transfer Day yet! (Nov 5)

[jaxx]

Pretty cool. I've used the credit union for a long time, they're great.

[RoyGBiv]

So that I can be at the party, I'm thinking of opening a couple of accounts in the morning at BoA, then closing them in the afternoon. Walk in all happy and cheerful and ready to do business. Come back in the afternoon raging about what shitty service I've received in the past four hours.

They play their games. I play mine.

[TheNewMe]

(10-25-2011 09:24 PM)RoyGBiv Wrote:  So that I can be at the party, I'm thinking of opening a couple of accounts in the morning at BoA, then closing them in the afternoon. Walk in all happy and cheerful and ready to do business. Come back in the afternoon raging about what shitty service I've received in the past four hours.

They play their games. I play mine.

Are you not aware of the $100 Close-Account-the-Same-Day-You-Open-It Fee?

[RoyGBiv]

(10-25-2011 09:29 PM)TheNewMe Wrote:  

(10-25-2011 09:24 PM)RoyGBiv Wrote:  So that I can be at the party, I'm thinking of opening a couple of accounts in the morning at BoA, then closing them in the afternoon. Walk in all happy and cheerful and ready to do business. Come back in the afternoon raging about what shitty service I've received in the past four hours.

They play their games. I play mine.

Are you not aware of the $100 Close-Account-the-Same-Day-You-Open-It Fee?

Yes, but are you aware of the I-Drive-a-Monster-Truck-and-Am-Parked-Next-to-Your-Lexus fee?

[TheNewMe]

(10-25-2011 10:34 PM)RoyGBiv Wrote:  

(10-25-2011 09:29 PM)TheNewMe Wrote:  Are you not aware of the $100 Close-Account-the-Same-Day-You-Open-It Fee?

Yes, but are you aware of the I-Drive-a-Monster-Truck-and-Am-Parked-Next-to-Your-Lexus fee?

You've really thought through this.

[RoyGBiv]

(10-26-2011 09:31 AM)TheNewMe Wrote:  

(10-25-2011 10:34 PM)RoyGBiv Wrote:  Yes, but are you aware of the I-Drive-a-Monster-Truck-and-Am-Parked-Next-to-Your-Lexus fee?

You've really thought through this.

I have plans for situations that haven't arisen yet.

And I love it when one comes together ...

[OptimistesMaddie]

Fantastic News!

Let them fail this time...they don't deserve to be saved. It's the Free Market Baby...Live by it.....enjoy your demise by it....

It's time to show who the 99% are..