Bank Transfer Day: Technologists Say Thousands Already Switching
- Account openings, online and in-branch, double in October at BECU.
- Randolph-Brooks FCU reports 22% of new funds through ACH are from Bank of America.
- Online account opening up as much as 40% at Andera, Harland and Fiserv.
While Bank Transfer Day, and the dump-your-bank sentiment that serves as its backdrop, has earned a lot of media coverage and promotional dollars among credit unions, are people really switching?
Charlie Kroll is the other part of that “they.” He’s the founder and CEO of Andera Inc., a pioneer in online account opening who’s Providence, R.I., company now hosts the transfer activity, the heart of the switch kit, for more than 500 credit unions and banks.
“We saw a spike in volume the day Bank of America actually announced the fee, which is pretty predictable, but then it went up about 40% the next day and has stayed at that level ever since,” Kroll said.
O’Rourke and others noted that they’re seeing funds from other institutions as well, including Wells Fargo and Chase, and that account openings already naturally spike for some credit unions this time of year.
“For instance, at Notre Dame FCU, one of our clients, when students come back in the fall, they see a huge spike, from maybe a couple hundred a month to over a thousand,” said Scott Bowen, business development manager for the AccountCreate solution from Fiserv Inc.