How Effective was Bank Transfer Day? NCUA Releases Final 2011 Membership Numbers

The National Credit Union Administration (NCUA) released final membership growth numbers for 2011, at-last quantifying the impact of last fall’s Bank Transfer Season, in which consumers, fueled by grassroots efforts and big-bank fees, switched en masse to credit unions.

All told, 1,344,936 consumers joined a credit union in the United States in 2011, pushing the number of credit union members in the country to nearly 92 million and marking a year-over-year increase of approximately 1.5 percent.

Northwest credit unions accounted for nearly 125,000 of those new members last year, with Washington adding 104,000 new credit union members and Oregon picking up nearly 20,000.

Nationally, the fourth quarter in 2011 saw a net membership gain of 398,732. Washington alone added 38,301 credit union members to its ranks, accounting for just shy of 10 percent of the nation’s new credit union members last fall. Oregon, meanwhile, added approximately 11,400 members during 2011’s fourth quarter, representing more than half of its yearly net membership gains.

Anthem” will feature in-depth coverage of the 2011 membership numbers and the events surrounding Bank Transfer Day and Bank of America’s plans to implement a $5 debit-card fee in a special edition on Monday, March 12, including:

  • A breakdown of national and regional membership gains;
  • An in-depth look at credit union history, adding context and perspective to Bank Transfer Season;
  • An insider’s take on the realities of Bank Transfer Day from front-line credit union staff; and
  • A look at the impact of Bank Transfer Season on public policy and legislators.

“For a lot of people, Bank Transfer Day remains a big question mark,” said Northwest Credit Union Association (NWCUA) Director of Public Relations David Bennett. “Monday’s special edition will help put the events of last fall in perspective and give credit unions a more complete picture of what happened in 2011 and what it means moving forward.”

 

Questions or Concerns? Contact Matt Halvorson, Anthem Editor: mhalvorson@nwcua.org.

Posted in Business Solutions, NCUA.