Bank Transfer Day: CUNA Estimates 40,000 Plus New Accounts On Saturday
Credit unions opened more than 40,000 new accounts on Bank Transfer Day, with a total of $80 million in new savings, according to a survey of credit unions by CUNA released Tuesday afternoon.
In addition, 60% of the credit unions that signed on new members made loans on Saturday. The loans totaled approximately $90 million.
CUNA said it based its data on responses to a survey it sent to about 1,100 credit unions. The trade group claims membership from about 90% of the nation's credit unions.
“Since Sept. 29 – the day Bank of America announced its now-rescinded monthly $5 debit card fee – average estimated membership increases nationally were around 20,000 new members each day, “ CUNA President/CEO Bill Cheney said in a statement. “On Saturday, consumers doubled the pace. It’s clear that consumers kept up their interest in credit unions.”
Last week, CUNA reported that more than 650,000 people had joined credit unions since September.
On Monday, NAFCU said a survey of its members found that 54% reported an increase in share growth and/or fees because of Bank Transfer Day.