'Bank Transfer Day' gains over 79,000 supporters on Facebook

Bank Transfer Day, a social-media-driven grassroots movement, has encouraged more than 79,000 people to commit that they would close their accounts at large corporate banks to join credit unions or small community banks.

Shaped by a California-based art gallery owner, Bank Transfer Day movement represents those customers who are distressed because of large banks' heavy service charges.

Supporters of the movement have already Bank of America's plan to charge a monthly fee of $5 for the use of its debit cards.

On the other hand credit unions are reporting an increase in the number of their new customers. According to the Credit Union National Association, as many as 650,000 new consumers have joined credit unions across the country in the month following Bank of America's announcement about its plans to charge a monthly debit-card fee.

Commenting on the Bank Transfer Day, the group's founder wrote on Facebook, "When a company chooses to target a section of the population it views as weak, it's our duty as citizens to stand up in solidarity."

Big corporate banks, including Bank of America, Wells Fargo, Citigroup Inc. and JPMorgan Chase, declined to confirm whether they have seen a rise in account closures over the recent weeks.