Americans dumping banks and closing their accounts...

In three weeks, the Wall Street protest movement hopes to implement a November 5th walkout, the effects of which could have a far greater impact than months of sit-ins and protests. Being billed as Bank Transfer Day, and as of two weeks ago having attracted 14,000 RSVPs via Facebook to the national event, the campaign is urging Americans to close their accounts at large banks and move their money to credit unions.

In reality it’s a phenomenon that’s already in motion. Many credit unions around the country have seen an uptick in the opening of accounts. Laura Cowan, a spokesperson with the New Mexico Educators Federal Credit Union, whose membership already stands at 150,000, said that in recent weeks, “We have definitely seen a rise in the number of accounts being opened.”

New Mexico currently has 49 credit unions, serving about 650,000 members whose deposits totaled $6.8 billion at the end of 2010. Sylvia Lyon, president and CEO of the trade association Credit Union Association of New Mexico, confirmed that even lacking solid data about the rise in credit union membership, credit union CEOs throughout the state acknowledge a surge in interest. Full story...

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