http://money.cnn.com/2011/11/03/pf/move_your_money_day/
According to the article, the momentum of customers moving their savings from the “big” banks of America has been incredibly phenomena, and was reasoned to counteract the unfair charges on new debit card fees. Resulting in at least 650,000 consumers to join the credit unions since Sept. 29, thats about 500% of an increase in savings. This is caused as these banks are known for having fewer and/or lower bank account fees, Moreover, more consumers are expected to join the movement.
Furthermore, although the major banks in America has already cancelled the new fee’s charged on debit cards due to the mass uproar, but the movement hasn’t seem to have stopped, as consumers are still demanding more from their banks. Furthermore, experts expect of other fee’s to be introduced later on in the future. Finally, This shows the lack of detailed planning of the introduction of the fee, as the economy is still suffering from the major economy recession, consumers could be quite price sensitive, and moreover, resulting in a negative brand image and losing of a loyal consumer base, leading to a decrease in the profit of the banks.