Credit Unions add 40k members, $80 million in savings on Bank Transfer Day

[kpete]

Source: Credit Union Nat'l Association

NEW: CUs add 40k members, $80 million in savings on BTD

WASHINGTON (UPDATED: 3:30 P.M. ET, 11/8/11)--Credit unions brought in 40,000 in new members, and added $80 million in new savings account funds, on last Saturday's Bank Transfer Day, capping a month that resulted in nearly 700,000 new credit union members joining the movement.

A Credit Union National Association (CUNA) survey of 1,100 credit unions found that around 80% of larger credit unions said they signed up new members on Bank Transfer Day, and many credit unions opened on Saturday, or extended their usual Saturday hours, to deal with the rush of new members. Credit unions surveyed said they made $90 million in new loans on Saturday.

CUNA President/CEO Bill Cheney said the survey response indicates momentum that credit unions realized in the weeks leading up to "Bank Transfer Day" continued right into Nov. 5 itself, with a specific spike in membership on that day.

The build up to Bank Transfer Day saw around 650,000 people join credit unions in the last month, adding $4.5 billion in new savings into credit union coffers. The 650,000 total tops the membership total recorded in all of 2010. "Since Sept. 29 – the day Bank of America announced its now-rescinded monthly $5 debit card fee – average estimated membership increases nationally were around 20,000 new members each day, " Cheney said. "On Saturday, consumers doubled the pace. It's clear that consumers kept up their interest in credit unions."



Read more: http://www.cuna.org/newsnow/11/wash110811-2.html

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http://www.bloomberg.com/news/2011-11-08/credit-unions-signed-40-000-members-on-nov-5-trade-group-says.html

[LonePirate]

1. That's about $2K per account. What more of an indictment of the income equality gap do we need?

[davidwparker]

2. Kudos to OWS protesters. Kudos to those who Move Your

Money.

POWER. TO. THE. PEOPLE.

[sarcasmo]

3. Fucking! sweet!

[valerief]

4. and it ain't over yet, not by a long shot!

[sarcasmo]

14. +1

[IthinkThereforeIAM]

5. I am so happy...

... that so many folks are seeing the light that is from credit unions. The history of the advent of credit unions is fascinating in itself, too.

<http://en.wikipedia.org/wiki/Credit_union>

I have been a credit union member since 1985 when I joined Sioux Falls Federal Credit Union, which was founded by postal employees. They had their first office in the basement of the USPS/Federal building in downtown Sioux Falls, open only a few hours a day. They have saved me much on interest in the past and are great at educating and leading you to ways to SAVE for your family. Who knows, some of those new members today may become credit union board members tomorrow! Now that is empowerment!

[Duct Tape]

6. I'm very proud of everyone who has taken a stand and said

"no more" to the banks. Those who still have accounts in BOA, Citibank, etc....get out now!

[Historic NY]

7. I'm pulling a cd on the 21st from a big box bank.

[IthinkThereforeIAM]

8. I am sure a credit union can beat the banks...

... on CD's. Every time I have compared or taken note of advertised rates, the credit unions were advertising better rates than banks.

[Historic NY]

10. Yup...I think they know too.

[and-justice-for-all]

9. Need to have more than one Bank Transfer Day...nt

[defendandprotect]

11. Agree -- constant reminders ----

I'm still stalling on moving my checking account --

but continue to think about it --

[SoapBox]

12. Nice!

...folks, you'll love your CU's.

[sarcasmo]

13. Back to the top.

[meow2u3]

15. I just closed my Wells Fargo account today

Last week, I joined a credit union. I took my money out by ATM and deposited it into my new credit union account. Now that all my checks cleared, I went today to withdraw the money I had left and kissed the big banks goodbye. Contrary to what I thought would happen, the clerks were polite and professional.

Wells Farto, good riddance.