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Happy Bank Transfer Day -- not for some

Nov. 5, 2011 at 12:31 PM   |   Comments

NEW YORK, Nov. 5 (UPI) -- Saturday is "Bank Transfer Day," an event big banks will likely loath, a Harris Poll concluded.

Early reports said tens of thousands of customers indicated they were primed to move their funds from behemoths of finance to credit unions, which are non-profit institutions, the survey company said in a statement.

"Customers express their loyalty through their actions, but the underlying motivation for these actions is rooted in the degree to which the bank connects with its customers on both a rational and emotional level," Harris said.

In a poll of 2,463 adults conducted online Oct. 10-17, Harris found members of a credit union were three times more likely than Bank of America customers -- 74 percent compared to 25 percent -- to indicate they had a trustworthy relationship with their bank.

Bank of America recently retracted a plan to impose a $5 monthly fee on debit card accounts, so "perhaps some banks are beginning to listen to customer dissatisfaction," Harris said.

© 2011 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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