We suggested recently that Bank Transfer Day--a brainchild of people protesting Bank of America's $5 debit card fee--looms as an important litmus test of just how willing consumers are to transfer accounts.

The loads of publicity that the movement was attracting, not to mention the heavy marketing by credit unions and small banks and all the social media activity, was perhaps a bit too uncomfortable for the bigger banks. They all moved to scrap the fee. For Bank of America, this was particularly humiliating. While the idea of charging a debit card fee is toxic right now, Bank Transfer Day still looms.

One would think that the impetus to change banks has been muted significantly. But we're still seeing anecdotal reports that people are still angry and bent on switching. The Credit Union National Association says that new accounts are opening up at an accelerated pace.  The Occupy Wall Street movement has kept the issue alive to some degree. And the media remains rife with stories about people who will switch accounts despite the moves to rescind fees; perhaps they feel that other fees are inevitable. Credit unions are still licking their chops, preparing for a big day. It will be a while before there's any hard data on this. 

For more:
- here's an article on credit unions in New Jersey
- here's an article from North Carolina
- here's a Reuters article

Related articles:
Will Bank of America experience a "Netflix" moment?       
Bank Transfer Day could see populist groundswell