Bank Transfer Day Deemed a Successful Consumer “Mutiny” by ABC News

Ruth McCambridge

November 10, 2011

November 9, 2011; Source: Out of the Storm News | While definitive numbers will not be available until the end of the 4th quarter, it is now being estimated that $80 million dollars was shifted out of big banks and to nonprofit credit unions on Bank Transfer Day last Saturday (November 5th). This represents the accounts of 40,000 customers. November 5th was the culmination of a month during which another 650,000 customers transferred $4.5 billion. ABC News called the action a “mutiny” and a “lightning bolt.” We hope that it represents more a trend that will build.—Ruth McCambridge

About the author

Ruth McCambridge

Ruth is Editor Emerita of the Nonprofit Quarterly. Her background includes forty-five years of experience in nonprofits, primarily in organizations that mix grassroots community work with policy change. Beginning in the mid-1980s, Ruth spent a decade at the Boston Foundation, developing and implementing capacity building programs and advocating for grantmaking attention to constituent involvement.

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