Bank Transfer Day No Land Rush, But Still Sends Message

12:40 PM, Nov 5, 2011   |    comments
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Kernersville, NC -- It might not have been the land rush some small banks were hoping for, but National Bank Transfer Day has been another sign that plenty of people are fed up with their financial institution.

Small banks and credit unions, like Allegacy Federal Credit Union in Kernersville, put up signs encouraging customers to break up with their big banks.

The Allegacy branch on East Mountain Street even invited a radio station and fired up the grill to turn the day into a celebration. A few people trickled in to transfer their money to the credit union, and Allegacy says business was steady at some of its other Piedmont locations.

We didn't see the long lines some small banks might've hoped for, but there's no denying business has been good the last few weeks as large retail banks face customer backlash.

"I think it's made the public feel like they can cause a response," Allegacy Business Group President Ray Crouse said. "We were always here. It just gave us an opportunity to remind people we're here for them. And for us and the other credit unions, it's just getting us closer to the general public."

Crouse says in the last month, the company doubled the number of new checking accounts it normally opens each month from 550 to well over a thousand.

He expects the backlash against big banks will continue, and that's what a spokeswoman at Members Credit Union" said, too.

Carla Kimel says business was steady, but slow, at its Winston-Salem headquarters Saturday.

She believes National Bank Transfer Day was more symbolic than anything, and that the credit union will continue to see people change where they keep their money.

WFMY News 2

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