"Move Your Money" Campaign Has Been a Huge Success: 5.6 Million Customers Ditched Their Corporate Banks
The Move Your Money campaign -- the ongoing effort to encourage mega-bank customers to move their money to local institutions -- has had great success in recent months, leveraging the Occupy movement's outrage over Wall Street. In the three months since Bank Transfer Day (November 5), some 5.6 million customers have, indeed, moved their money, according to a new report from Javelin Strategy & Research.
Business Insider has more details from the report:
While Bank Transfer Day was the catalyst for 11% of customer defections, more than a quarter of consumers cited bank fees as their reason for leaving.
No surprise there, especially as banks plummeted in the latest American Customer Satisfaction Index report. People have been grumbling about big bank practices ever since Bank of America and Chase tried to slap customers with a $5 debit card fee back in the fall.
Overall, banks' satisfaction rates dropped 1.3 percent to 75 in areas of checking, savings, and personal loans.
"With a Google search of 'bank transfer day' returning fully 22,000,000 responses we’re not surprised that these angry bank-switchers represent nearly a three-time increase over the amount of people who took their funds out of large banks for highly-similar reasons during the previous 90-day period in 2011," said the report's authors.