A case of "people power" hitting them where it hurts:

"A new report by Javelin Strategy & Research estimates a staggering 5.6 million big bank customers have switched banks in the last 90 days.

Of those, the research firm says a cool 610,000 cited Bank Transfer Day as their reason.

It seems we've come full circle.

If you remember, there was a lot of hoopla surrounding early figures released by the Credit Union National Association just after BTD, which inititially reported more than 650,000 customers made the switch to credit unions.

A month later they backpedaled, putting the figure at a little more than 214,000.

It was a bit of a setback for CUNA, especially at a time when credit unions were being heralded as the white knights of consumer banking.

Javelin's study will give them a bit more clout and at the very least shows that the growing chasm between consumers and financial institutions is nothing for big banks to sniff at."