Credit unions opened more than 40,000 new accounts on Bank Transfer Day, with a total of $80 million in new savings, according to a survey of credit unions by CUNA released Tuesday afternoon.
In addition, 60% of the credit unions that signed on new members made loans on Saturday. The loans totaled approximately $90 million.
CUNA said it based its data on responses to a survey it sent to about 1,100 credit unions. The trade group claims membership from about 90% of the nation's credit unions.
“Since Sept. 29 – the day Bank of America announced its now-rescinded monthly $5 debit card fee – average estimated membership increases nationally were around 20,000 new members each day, “ CUNA President/CEO Bill Cheney said in a statement. “On Saturday, consumers doubled the pace. It's clear that consumers kept up their interest in credit unions.”
Last week, CUNA reported that more than 650,000 people had joined credit unions since September.
On Monday, NAFCU said a survey of its members found that 54% reported an increase in share growth and/or fees because of Bank Transfer Day.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
