"Bank Transfer Day" inspiring big bank customers to join credit unions instead

TAMPA, Fla. - Credit Unions are seeing a surge in new customers and a lot of it is tied to “Bank Transfer Day”, an initiative that is encouraging people to find alternative to big banks.

The movement has a Facebook page and many supporters who are fed up of banking expenses like debit fees and monthly fees, which essentially charge people to use their own money.

Bank Transfer Day, November 5, may be a week away, but many credit unions are already reaping the benefit of customers frustrated with big banks.

GTE, a credit union based in Tampa, says they have seen a 31 percent increase in new members in the first three weeks of October.

Experts advise that people interested in switching banks do their research now. Good sites to compare credit unions in you area include Smarterchoice.org and CUlookup.com

Bank browsers are also encouraged to tell new banks why you are considering them and make sure they cater to your needs.