Reports out of Southern California credit unions point to a successful Bank Transfer Day.
The $859 million First Entertainment Credit Union in Hollywood received 99 new members on Nov. 5, despite having just five of its 10 branches open that day due to logistical issues or restricted access at its other five, said Roy MacKinnon, its vice president of marketing.
In September, the CU averaged 17 new members on Saturdays, he said.
The 59,000-member First Entertainment CU typically gets 500 to 600 new members a month, MacKinnon said Monday, but jumped 1,042 in October and 350 so far in November.
“At that rate, it is likely we will have another 1,000-plus new member month,” MacKinnon said.
“We hope this is just the beginning of a big consumer move to credit unions and that the momentum will remain strong,” MacKinnon said.
The $2.5 billion Wescom CU in Pasadena, meanwhile, reported numerous new memberships in the days leading up to Nov. 5 and said its number of new members doubled Saturday compared with a typical Saturday showing.
“The Bank Transfer Day momentum started early for us with new memberships up all week,” said Susan McCready, senior vice president of branch administration.
“Some of our branches were busier than others, but overall we saw an increase in new accounts. We are looking forward to establishing meaningful and long-term relationships with our new members,” McCready said.
In San Diego, the $1.1 billion North Island Credit Union saw increased activity throughout the week leading up to Bank Transfer Day, CEO John Tippets said.
Tippets spoke on camera to a local news station on Saturday, along with a new member who had just completed an ATM transaction.
“I've been making a point to say that the real money saving opportunity for consumers is to bring over their credit cards and car loans,” Tippets said. “I think what matters most is the impact of the message and what happens over time.”
According to CUNA, California-based credit unions have seen the biggest surge in membership with around 90,000 new members and $624 million in new deposits since Sept. 29.
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Natasha Chilingerian
Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.
