National bank transfer day
Saturday is "National Bank Transfer Day." It's a grassroots movement -- started on Facebook which encourages people to switch to community banks and credit unions.
Increasing fees and customer service complaints have pushed some people to the edge.
New Truliant customer Jeff Call remember when he was a customer of a big bank. "I went in to talk to somebody about it and I was sitting there for an hour and a half before they got to me... It seemed like I was getting charged fees that I didn't used to get charged," he said.
New Allegacy customer Tory White shares a similar sentiment. "I was pretty frustrated. Things were changing. New fees were being instituted. There were a number of things that were just drops in the bucket. Then, it just got the point where it was the straw that broke camel's back," she said. After she made the switch, White said, "It was very empowering. I felt like I'd taken action and I knew things were going to improve."
Call added, "It's the difference between night and day. I actually refinanced two vehicles today, cut the rates in half, cut the payments in half."
Many of the credit unions in the Triad will be open longer and have more staff on hand for National Bank Transfer Day. Some are even planning to have coffee, donuts and even cookouts to welcome new customers.
A survey by the Credit Union National Association found at least 650,000 people already switched to credit unions or smaller banks in just the last few months.
But is breaking up with your bank worth it? Some smaller banks and credit unions could have fewer branches or ATMs. However, others are connected to a network that might actually have more ATMs you can use free.
You also might not have as many options if you're used to banking with your smart phone, or online. Finally, small banks and credit unions still could have fees of their own. You'll need to ask about those before you make the switch.
A number of credit unions in the Triad are ready for whatever happens on Saturday.
While you might expect every credit union to do everything possible to turn bank customers' frustrations into new business, some are trying to downplay it. If you visit Truliant's headquarters, you won't see much about National Bank Transfer Day. That's because the CEO says switching to a credit union is not just about making a statement to big banks on one day.
"This is a long-term situation to help people build their financial foundation. So, a one-day event is a little bit deceiving. This is a serious, long-term commitment that Truliant has had," Truliant President Marcus Schaefer said.
However, Allegacy Credit Union has developed an entire marketing campaign connected to National Bank Transfer Day. The company is using a strategy financial institutions rarely use -- humor.
"We wanted our employees to be able to get behind this and feel they had ownership in the campaign. So, we brought them out. We set them up in the movie theater and we showed them commercials," Allegacy President Cathy Pace said.
Via: digtriad
