Bank Transfer Day, which took place Saturday, Nov. 5, was a target for consumers to move their accounts from big banks to credit unions. Cooke discussed the key differences between banks and credit unions with WNIJ in the context of the day that has received national attention. “Bank of America and other large financial institutions started charging fees for debit cards following legislation championed last year by Senator Durbin,” Cooke said. “They’ve since backed off but consumers are fed up so they’re moving their money to local, community institutions, like credit unions. Bank Transfer Day has been a huge opportunity for credit unions and I hope they continue to exploit it.”
Listen to more of the discussion here.
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