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.
Read more: http://www.businessinsider.com/angry-customers-move-45-billion-dollars-out-of-banks-and-into-credit-unions-in-october-before-bank-transfer-day-2011-11#ixzz1d2NWubsl
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