For Redwood Credit Union, the national switch day resulted in 600 new accounts.
The $1.9 billion credit union in Santa Rosa, Calif., said as a result of Bank Transfer Day, the figure was equal to six times the normal number of new accounts. Following a record October in new accounts for RCU, with an 83% increase over October 2010, the growth shows no signs of stopping, according to the financial institution.
“While we’re thrilled to be welcoming so many new people to RCU, the real winner is the consumer or business owner who will see immediate savings and better service by making the smart decision to switch to a credit union,” said Brett Martinez, president/CEO of RCU.
“Because credit unions are not-for-profit, people who switch enjoy more affordable banking with a higher level of personal service, and at the same time, they are helping strengthen the local communities where they live and work,” Martinez said.
The credit union serves 200,000 members, has 18 branches and access to 28,000 fee-free ATMs the CO-OP Financial Services.