Occupy Wall Street demonstrations in New York City and acrossthe country continue to grow as organizers seek to keep themomentum going by connecting with credit unions.

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Whether they want to be linked or not, credit unions are seen asallies by protestors seeking alternatives to banks.

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Organizers with Occupy Toronto said they are seeking out acredit union to park the more than $40,000 in donations they’vereceived. In the meantime, the money is currently stashed away inseveral secret locations, The Toronto Star reported Oct. 29.

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The group, which consists of roughly 250 protesters, said it hasbeen getting a steady stream of funds from supporters over the pasttwo weeks. Of the $40,000 received so far, less than $1,000 hasbeen spent, according to the article.

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Michael Vessey, one of the persons spearheading Occupy Toronto,told the publication that transparency is important. Thegroup’s various committees do a daily count of the cashdonations.

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“More people means more problems,” Vessey said. “There’s allthis money coming in, and we don’t know what to do with it.”

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Occupy Toronto is working to set up a credit union account, thepublication reported.

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Supporters have dropped off items such as blankets, socks,toothbrushes and baby wipes. A “free store” near the encampmentencourages protestors and those passing by to donate or take whatthey need.

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Occupy San Diego is encouraging bank customers to withdraw alltheir funds and move them to a credit union, Ray Lutz, one of themovement’s organizers here, told East County Magazine Nov. 2.

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Oakland, Calif., continues to be a hotbed of activity. Mediaoutlets reported persons blocking entrances to Bank of America,Wells Fargo and other banks as Occupy Oakland demonstrators vowedto shut the city down.

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Meanwhile, a new poll from Harris showed that while creditunions enjoy best in class customer retention rates, the nation'slargest banks fail to engender the same degree of loyalty fromtheir customers.

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According to the poll, which surveyed 2,463 adults betweenOct.10-17, 87% were extremely or very likely to continue joining ormaintaining their relationships with credit unions. Two in five ofBank of America's customers were extremely or very likely tocontinue (40%), as are less than half of JP Morgan Chase'scustomers (46%) and just over half of Wells Fargo/Wachovia'scustomers (54%).

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Credit union members are three times as likely as customers ofBank of America to experience a trustworthy relationship (74% vs.25%) and feel valued as a customer (72% vs. 24%), the pollshowed.

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If the social media sites are an indication, those who “like”pages related to Bank Transfer Day, which occurred Nov. 5, 50% areforwarding, discussing and chatting on Facebook about the cause,according to Harris. Thirty-percent were doing the same on OccupyWall Street-related topics.

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“Customers express their loyalty through their actions, but theunderlying motivation for these actions is rooted in the degree towhich the bank connects with its customers on both a rational andemotional level; which in turn impacts their future intentions ofcontinuing to use and recommend their bank to others,” said CarolGstalder, executive vice president of Market and Customer Insightsat Harris Interactive, in a statement. 

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