Grassroots Push to Move Money on National Bank Transfer Day

If activists get their way, there will be a whole lot of big bank customers clutching withdrawl slips this weekend.

That's because Saturday is National Bank Transfer Day, the center of a push by the Move Your Money Project, a grassroots movement encouraging Americans to take money out of big banks and put it into the vaults of Main Street institutions.

Local banks say they are already seeing an uptick in traffic to their branches from customers fed up with the threat of fee hikes from the likes of Bank of America.

Rob Werner, COO of , which has 11 branches in Monmouth County, said even though Bank of America backed off on its plans to apply a $5 fee to debit purchases, many customers opted to vote with their feet.

"It was just enough of a wake-up call for people," Werner said.

From Oct. 17 to Nov. 3, the bank opened 150 new accounts--a surge above normal figures, according to Roseann Mango, senior vice president and branch administrator at Two River.

Community banks aren't just a haven from excessive fees, Werner said. They are major players in the local business market.

"Those deposits (from account holders) are redeployed into local business growth,"  he said.

Werner noted that the main focus of his bank is commercial, which includes lending to local small businesses. He estimated that loan activity at his bank is up between five and 10 percent this year.

According to the Wall Street Journal, small business lending is up nationwide, which is no surpise to community bankers.

Werner said that for the local business seeking a loan from his bank, the appeal is right across the desk.

"Nine out of 10 times our loan officers know the people and can guide them in their financial decisions," he said.

That friendly face with the local knowledge also has the power in most cases to approve the loan herself, usually with a two-week turn around.

For almost all corners of Monmouth County, that Main Street, or Broad Street, business looking to expand and add employees can find a local lender. Werner's Two River Community Bank is based in Middletown with branches in Red Bank, Manasquan, West Long Branch and Wall, to name a few.

In Long Branch, there is with two locations in the city and five other branches in Little Silver, Spring Lake, Point Pleasant and two in Manasquan.

has one of its five branches in nearby Oceanport, as well as Rumson, Sea Bright, and Asbury Park.

Credit unions may also see a boost on National Bank Transfer Day. At  with locations in Holdmel, Malboro, Tinton Falls, Neptune and North Brunswick, a $5 membership fee (which goes into your new credit union savings account) gets you full access to their bank, credit and financial services, sans high bank fees. It also gets you a vote on who becomes the next CEO. Try that at a national bank.

Eatontown-based First Atlantic Federal Credit Union has branches in nearby Oceanport, Eatowntown, Fort Monmouth and Neptune, and one in Toms River.