This weekend, thousands of customers of giant banks moved their accounts to smaller banks as part of “Bank Transfer Day.”

A record number of 659 members joined Boeing Employees’ Credit Union in Seattle on Saturday. Similarly, Texas credit union saw many new customers join.

These credit unions can’t sell stocks and don’t have to pay taxes unlike giant banks.

There is still no specific number of how many people actually moved their bank accounts on Bank Transfer Day. This might have been a loosely coordinated event but due to recent events such as major banks (especially Bank of America) charging their customers a fee to use their debit cards, the move has harnessed a lot of attention.

You might expect the big banks to get worried over this but that’s not the case? Why? Because generally the people that move to credit unions are not profitable customers. They have small balances and buy very few products from the bank.