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Guess How Much Money Angry Customers Moved Out of Banks in Support of Bank Transfer Day

Linette Lopez, Business Insider

The founder of Bank Transfer day has claimed that the whole "day" was misunderstood.

The idea was never to have a massive one day move from big banks to credit unions, but rather for the day, November 5, to be the deadline of a broader movement.

And it turns out that the movement actually had some heft behind it...

According to ABC News, In October alone Credit Unions around the country gained 650,000 new customers and $4.5 billion was moved out of major banks.

That is obviously a sliver of total bank deposits, but banks have been sent a clear message.

You can check out the report here, and you'll see what is the most important point. ... The report briefly profiles David Meinert, a Seattle small business owner who, after being denied another line of credit, moved $3 million out of Chase and Bank of America and into a local credit union.

In his own words, he did it because, "That kind of money and my level of business doesn't really matter to them (the banks)."

That's probably not what banks want small business owners around the country to be thinking. Credit Unions, on the other hand, are jumping on the opportunity to grab more customers.

From the Credit Union National Association (CUNA):

“They are conducting advertising campaigns (by themselves or cooperatively with other credit unions), sending ‘switch kits’ to existing members to share with family members or other prospective members, beefing up web sites... email blasts to members, maximizing social media campaigns, putting up banners in lobbies (and on their buildings), offering bonuses to members who bring in new members (and giving bonuses to new members as well)," said Bill Cheney, president and CEO of CUNA.

This story originally appeared on Business Insider

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