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November 3, 2011
Anticipation surrounding Bank Transfer Day has been growing in the credit union community since the beginning of October. In the days following Bank of America’s fee announcement, credit unions—especially the ones with significant visibility—began seeing substantial increases in new membership.
Early estimates indicated that credit unions experiencing the membership growth were doing so at a rate between 15 and 25 percent higher than usual. Those estimates were wrong.
Based on the responses of a nationwide survey of 5,000 credit unions, the Credit Union National Association (CUNA) estimates that at least 650,000 consumers across the nation have joined credit unions since Sept. 29—the day Bank of America unveiled its now-rescinded $5 monthly debit card fee. Also during that time, CUNA estimates that credit unions have added $4.5 billion in new savings accounts, likely from the new members and existing members shifting their funds.
In Washington, BECU reported Tuesday that in the month of October alone more than 16,000 new members were added to their rolls. That is a 200-percent increase over new memberships in October 2010.
This member movement is real; it is big, and it represents an opportunity for all credit unions, regardless of asset size, to increase their memberships. It also represents an opportunity for credit unions to upgrade their status in the minds of current members from being a secondary financial institution to their primary financial institution.
For those credit unions that do not enjoy high visibility or do not have the end-of-the-year marketing budget to react more publicly to Bank Transfer Day, there are still plenty of ways to take advantage of this rare opportunity.
Questions or Concerns? Contact Matt Halvorson, Anthem Editor: firstname.lastname@example.org.
Posted on 11/03/2011View All Articles
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