More than 70 people ditched their banks on Saturday and made the switch to Michigan Schools and Government Credit Union, the credit union announced on Monday.
The Clinton Township, Mich.-based credit union celebrated Bank Transfer Day by opening the doors to its nine branches and handing out T-shirts to new members.
“Bank Transfer Day was an exciting opportunity for individuals to start setting it right with their finances by re-evaluating their relationship with their banks,” said CEO Peter Gates.
“With 72 new members in one day, we certainly saw a surge in account openings on Saturday and hope that individuals will continue to discover that the credit union is a better alternative to big banks.”
To keep the momentum moving forward, Michigan Schools announced Monday that it will continue to offer a special new member bonus, where the credit union will match deposits up to $25 for new members that open a checking account.
“While some banks are charging an upwards of $25 a month for their checking accounts, we’re rewarding our new members with up to $25,” said Gates.
The $1.1 billion, 66,000-member credit union has stressed that its checking account has no monthly or per-check fees.