A scan of more than 2,000 comments on a Yahoo personal finance article on Bank Transfer Day revealed some candid and passionate feelings about credit unions.
Among the suggestions in a Wednesday story posted on Yahoo is to move accounts to credit unions on Bank Transfer Day, which is scheduled for Nov. 5. As of today, on its Facebook page, organizers said more than 31,000 people have signed on to make the transition.
Reading through the Yahoo article's comment section, the benefits of joining a credit union are being shared.
Nodor writes: "I'm already a member of my local credit union…I've been doing my part for years. WAY before this movement was cool!!
Kao has an affinity for his credit union, saying, "I myself always have and always will use a small hometown credit union. No ATM fees. Ever."
Better C turned to a credit union to refinance his house – "See ya Citi…now off [to] pay [it] off faster…"
Gregg said he is ready to make the move: "I am planning on closing my PNC bank account. And do all my business with my credit union." As is an anonymous poster: "I am leaving Chase. I've already set up a new account at a credit union."
Posted under the name "Thereisnohopeforus," the reader wrote "don't understand why we haven't drained every last dime of our money from these 'too big to fail' rip-offs! My credit union is great. And it NEVER did a subprime loan."
But not all who commented are convinced credit unions are the way to go.
Salvatore D said, "There are about a million BofA ATM machines so it is very convenient — a credit union has almost no branches and I would get hit with fees."
"And who is to say, when we all dump our money into these small credit unions and banks, how long before they figure out it is okay to charge the same fees that the big banks are now," asked Bubblehead1977.
"A Yahoo user" is predicting Nov. 5 will be a typical day, saying "Transfer Day will be a bust. The customers who try to transfer money out of banks, won't be welcomed back when they see that the credit union is really a bad choice."
Meanwhile, CUNA and NAFCU have reported increased traffic to their sites from visitors seeking information on locating credit unions.
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