It's a success they say

At least according to FireDogLake.com (Their About Us page is rather vague) Bank Transfer Day a Resounding Success for Move Your Money Movement. He give a few stats and offers his own editorial on how he moved from Bank of America to a credit union.

There are some interesting Tweets at along the side about Bank of America charging $10 to close accounts, but that feels slightly rumorish to us here. Now it could be true, with the increase of fees, who knows what's being charged when and to whom. But the overall message is still a positive one:

By changing your bank, you save money and the money your local bank/local credit union generates stays within the community.

I don’t know that this will hurt banks. As Zach Carter and Ryan Grim point out, accounts with low balances actually cost the big banks money to manage them, so moving those accounts out saves them a bit of money. I’m not sure I totally buy that, as banks still need working capital and they lose out on a suite of fees, many of which are targeted at customers with low balances. But it’s possible.