Credit Unions Claim $4.5 Billion in Savings Transferred from Big Banks in Last Month

You can read the full  Credit Union National Association press release here. What the organization is saying, however, is that since Bank of America announced their $5 debit card transaction fee (since rescinded), more than 650,000 new credit union accounts have been created and a total of $4.5 billion in assets have been transferred from big banks to credit unions. This total doesn’t take into account funds transferred from big banks to smaller, community-oriented banks, so the figure could even be higher.

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