Bank Transfer Day was lauded for helping to nudge consumers toward credit unions. It was belittled as mere media hype. It was feared it would only bring in deposits and not loans, which would tip delicately balanced capital ratios. It was criticized as not the true driving force behind consumers that switched from the big banks to community banks and credit unions. To a degree everyone is right and everyone is wrong, but so what? The results are what matter in this instance.

It doesn't matter why consumers switch their banking relationships or who or what deserves the credit so long as consumers make the move. It doesn't have to literally be everyone on one day to make a point. Bank of America and the other big boys already pulled back on charging debit card or account fees prior to Nov. 5. For now. 

As I'm writing this on our deadline, it is two days before Bank Transfer Day. Several credit unions I talked to said they aren't quite sure what to expect, but they're stocking up on membership forms and marketing collateral as well as beefing up staff and extending hours as necessary. Credit Union Times email boxes were flooded with credit unions' Bank Transfer Day press releases and others that were a bit more subtle. But the message was the same: We are different.