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Bank Transfer Day numbers show success

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The “Bank Transfer Day” campaign called for everyone willing to switch from their retail bank to a credit union on Nov. 5, and it received a lot of attention. It evidently worked, as thousands of people apparently changed. Source for this article: Early Bank Transfer Day numbers show success

 

Almost 700,000 had already left previous bankCustomer anger over fee gouging at the nation’s various large retail banks has hit a fever pitch. An online campaign called “Bank Transfer Day” began not long after Bank of America declared a monthly $5 fee for customers who hold a Bank of America debit card. The campaign, began at the end of September, urged any person and everybody to switch to a credit union or community bank on Nov. 5.About $4.5 billion in assets were added to credit unions as 650,000 individuals joined credit unions in the Credit Union National Association. This all occurred between September 29 and Nov 5, according to theNew York Times. Credit unions all across the nation were reporting large increases in mem-bership. CNN reports that credit unions got 600,000 brand new members total in 2010.Weekend surgeThe National Association of Federal Credit Unions reported a 54 percent increase in new member applications over the weekend of Nov. 4 to 6. Data is still be collated by several credit union associations. Unions are reporting massive increases over the weekend individually though.The Boeing Employees Credit Union in Seattle, Washington got 659 brand new members on Saturday alone breaking its own single-day record, according to the Wall Street Journal.

Digital Federal Credit Union, according to CNN, signed up 133 new members on Saturday. Digital Federal is the largest CU in Brand new England and typically signs up only 85 new members on Saturdays.The Missouri Credit Union Association, as reported by the Maryland Heights Patch, reported opening 7,100 brand new accounts across the 131 credit unions that belong to the MCUA in the past six weeks, including Bank Transfer Day. Over $49 million in deposits were added by consumers.NorthJersey.com reported that there were several new accounts opened on Saturday at the North Jersey Federal Credit Union too. There were 48 brand new accounts opened that day. That is a mas-sive number. This is comparing it with the normal five accounts.Credit Unions can be greatAs reported by ABC, credit union members are less likely to be charged maintenance fees. A Moebs Services survey found almost 80 percent of credit unions offer free checking without requiring a minimum balance, compared to 64 percent of banks. Credit unions also will typically have lower available interest rates on loans and charge cards.There are few credit unions with more than one branch totaling 500. ATMs are hard to discover for credit unions too.

Information from

CNNWall Street JournalNew York TimesMaryland Heights PatchNorth JerseyABC


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