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Bank Fees Prompt Customer Surge At Credit Unions

(credit: KYW's Michelle Durham)

(credit: KYW’s Michelle Durham)

Michelle Durham Michelle Durham
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PHILADELPHIA (CBS) - In a movement that has been growing since Bank of America announced a new fee structure, thousands of fed up people across the country decided to withdraw their money and deposit instead into a credit union.

Local credit union officials refer to this movement as “the surge” and they report heavy traffic into their branches.

Philadelphia Federal Credit Union Marketing Communications Specialist Karen Eavis says customers have been quite vocal about their discontent.

“We actually noticed that there were a couple of blog postings of people who had opened accounts with us as opposed to the service that they were receiving.”

How busy has it been? Eavis says they usually open 1,000 accounts a month, but with the surge they opened 1,400 accounts this month.

“We are actually seeing the savings accounts, and we’re seeing a rise in our online account openings.

This customer decided to switch and to beat the crowd made the change on Thursday.

“I had so many problems and the bank holding the money.”

Rich Galdo is a greeter at the Credit Unions 12th And Chestnut Street branch. He says it’s not just individuals that are frustrated.

“We’ve also seen an influx of people coming in and asking about business accounts. Businesses are looking to leave the banks also.”

Reported by Michelle Durham, KYW Newsradio 1060

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