This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Bank Transfer Day: Everybody Wins

NEW YORK ( TheStreet) -- Credit unions and small community banks are rubbing their hands in delight at the prospect of new customers lining up outside their doors seeking to open an account with them on "Bank Transfer Day" that falls on Saturday.

The protest movement that urges customers to close their accounts with big banks and put their money with credit unions and community banks instead has been a boon for smaller players, who are capitalizing on the anti-big bank sentiment.

Credit unions and community banks are reporting significantly higher volumes of applications for new account openings. The Credit Union National Association said credit unions have added more than 650,000 members and $4.5 billion in new deposits in the past month.

Some banks like Los Angeles-based First Pactrust Bancorp (BANC - Get Report) has been aggressively seeking out customers frustrated with big banks, hoping to gain some market share through good old-fashioned banking practices that relies on relationships.

"Consumers are dissatisfied with their experience with big banks. The debit card fees, which has now been withdrawn, was the last straw on the camel's back," said CEO Greg Mitchell. "Consumers want to go back to a place where they can get a predictable level of service and some respect."

The bank has kick-started a promotion ad campaign earlier this week, offering customers $60- the same fee customers might have ended up paying in debit fees had Bank of America (BAC - Get Report) gone ahead with its unpopular fee- if they switch their account to PacTrust. The bank will stay open longer on Saturday in honor of Bank Transfer Day, the bank said.

Bank Transfer Day has attracted a lot of attention for its anti-big bank rhetoric that seems to have struck a chord with supporters of the Occupy Wall Street movement.

The movement was fueled by a public outcry against new fees imposed by large banks including Bank of America (BAC - Get Report), Wells Fargo (WFC - Get Report) and JPMorgan Chase (JPM - Get Report) as they seek new ways to offset regulations that limit their fee income from processing debit card transactions. The banks have since caved to public sentiment, withdrawing their proposals.
1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
BAC $14.14 -1.60%
BANC $20.51 3.20%
C $44.65 -2.00%
JPM $61.56 -1.60%
WFC $48.94 -1.40%


Chart of I:DJI
DOW 17,651.26 -99.65 -0.56%
S&P 500 2,051.66 -11.71 -0.57%
NASDAQ 4,729.0210 -34.2030 -0.72%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs