Antics of big banks give credit unions, community banks early holiday gift

Mississippi credit unions saw ‘some activity’ from ‘Bank Transfer Day’ while community bank Renasant grew accounts in state markets by 32 percent

Breaking up isn’t so hard to do, after all.

At least that’s what the Credit Union National Association reported a few days after the Nov. 5 national “Bank Transfer Day,” a protest staged to show dissatisfaction with the nation’s giant banks by urging depositors to move their accounts to credit unions and hometown community banks.

Just days ahead of the protest date, big banks such as Chase, Bank of America, Wells Fargo, SunTrust and Regions pulled the plug on plans to start charging customers monthly fees of $3 to $5 monthly for using debit cards for retail transactions. The concessions failed to slow the momentum of the “Move-Your-Money” protest, said the Credit Union National Association, or CUNA.

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