Report: 40,000 ditch banks for credit unions

November 9, 2011 2:39:55 PM PST
More than 40,000 people switched to credit unions last Saturday as part of the movement known as "Bank Transfer Day."

The figures are from a new set of data released by the Credit Union National Association.

The movement grew out of anger over a plan to charge users a monthly debit card fee at Bank of America, Chase Bank and Wells Fargo. The banks eventually backed down on those fees.

In all, 650,000 people have joined credit unions over the past five weeks.