Bank Transfer Day: Credit Union Enrollments Surge in New York State
New York credit unions have added at least 39,000 members and grown deposits by $270 million since Bank of America announced it would impose a $5 monthly fee on debit cards, according to the Credit Union Association of New York.
Following up on CUNA’s announcement Thursday that an estimated 650,000 new accounts have been opened nationwide since that day, CUANY also said Friday that it had recorded 26,951 searches for a New York credit union at locator website asmarterchoice.org by mid-October, compared with 1,161 in August.
“It’s no surprise that the upcoming Bank Transfer Day has significantly raised the awareness of credit unions in the public eye,” said William J. Mellin, president/CEO of CUANY in Albany.
“This increased awareness presents a great opportunity not only for credit unions positioned for growth, but for the credit union community in general to focus on the mission and purpose of credit unions, not on fees or the business model of big banks,” Mellin said.
New York credit unions have about $53 billion in assets and 4.5 million members, CUANY said, adding that a number of its member credit unions have been preparing for Bank Transfer Day on Saturday.