Bank Transfer Day Impacts Local Banks

Saturday was Bank Transfer Day, when a grassroots movement asked people across the county to transfer their money from big banks to small local financial institutions in an effort to punish big banks for their role in the current financial crisis.

The movement, which stemmed from a Facebook campaign from gallery owner Kristen Christian of Los Angeles, did yield some results for Alameda's small financial institutions.

The Alameda Credit Union got eight new customers on Saturday as a result of the movement. The number of new accounts may not seem significant compared to the nearly 75,000 Facebook fans of Bank Transfer Day, but "In general, on Saturdays, it's a very slow day, and eight (customers) is the most we've had in a very long time on a Saturday," said Cyndee Lemon, the credit union's chief operating officer.

Lemon also said that the credit union has been receiving a steady stream of new customers over the last month in the spirit of Bank Transfer Day. "Over the last month we've doubled in what we've been getting in new accounts," Lemon said.

In fact, many upset Alameda bank customers did not transfer their money on Saturday, but during the month before the official transfer day.

The Financial Benefits Credit Union (FBCU) on Webster Street saw three new accounts open in September, right before the transfer movement began.

In October, FBCU gained 21 new accounts, which "I know is not much," Heather Ziemer, FBCU vice president said, "but for us it's a significant amount in new accounts. Seeing 18 (new) accounts, I was practically giddy."

The Bank of Alameda saw most of its Bank Transfer Day results from Nov. 1 to 7. Between those days, "Bank of Alameda has seen a significant increase in new relationships come through the door," said Brooks Kohne, the bank's vice president of cash management. "A week into the month and we have already surpassed the number of new relationships opened during the entire month of November last year by 70 percent," Kohne said.

In total, between Nov 1 and 7 Bank of Alameda has gained 27 new customers as a result of Bank Transfer Day.

The First United States Credit Union in Marina Village did not respond before the Alameda Sun went to press.

Contact Sam Felsing at This e-mail address is being protected from spambots. You need JavaScript enabled to view it .

 

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