A California woman, frustrated with the bank’s decision to impose the fee, created a Facebook event, dubbed “Bank Transfer Day,” and invited her friends to join her in transferring their money from large banks to credit unions on that day.
In the five weeks leading up to Bank Transfer Day, this Facebook event received extensive press coverage and resulted in billions of dollars in deposits reportedly shifting out of large banks. The bank targeted by the Facebook protest ultimately reversed itself and declined to assess the monthly fee.