Green Right Now Reports
Credit unions signed up 40,000 new members, and added $80 million in new savings account money, during last Saturday’s Bank Transfer Day, according to the Credit Union National Association (CUNA).
CUNA released those figures on Tuesday after surveying 1,100 credit unions. The survey revealed that about 80 percent of larger credit unions signed up new members on Bank Transfer Day (Nov. 5), and many extended their Saturday hours to deal with the surge in demand for new memberships.
Credit unions surveyed also reported that they made $90 million in new loans on Saturday.
The uptick in membership came after a month of build-up in which 65,000 people answered the call to move their money out of Big Banks and into local banking institutions.
October’s movement of money added $4.5 billion to credit union accounts, according to CUNA.
“Since Sept. 29 – the day Bank of America announced its now-rescinded monthly $5 debit card fee – average estimated membership increases nationally were around 20,000 new members each day, ” said CUNA President and CEO Bill Cheney. “On Saturday, consumers doubled the pace. It’s clear that consumers kept up their interest in credit unions.”