Grass-roots movement gives credit unions a boost

NEW YORK – It’s moving day for bank customers. A grass-roots movement that sprang to life last month is urging bank customers to close their accounts in favor of credit unions by today.

The spirit behind “Bank Transfer Day” caught fire with the Occupy Wall Street protests around the country and had more than 79,000 supporters on its Facebook page as of Friday. The movement has already helped beat back Bank of America’s plan to start charging a $5 debit card fee.

It’s not clear to what extent the banking industry’s about-face on debit card fees will extinguish the anger driving the movement. But many supporters say their actions are about far more than any single complaint.

“It’s too little, too late,” said Kristen Christian, the 27-year-old Los Angeles small-business owner who started “Bank Transfer Day.”

It’s not likely that any account closings that take place today will make a big dent with industry titans such as Chase, which is the largest bank in the country with some 26.5 million checking accounts.

But credit unions and small community banks have been basking in the spotlight and issuing press releases highlighting what they say are superior interest rates and more intimate service, along with tips on how consumers can transfer accounts.