Credit unions in California and Oregon enjoyed a surge of newmembers on Bank Transfer Day, as well as on the days leading up toNov. 5. To encourage new member signings, some CUs kept branchesopen during extended hours while others marketed Bank Transfer Daypromotions.

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The $5.3 billion San Diego County Credit Union gained 362 new checking accountmembers on Nov. 5 and more than 850 in the first week of November,President/CEO Teresa Halleck said. Compared to September’smembership growth numbers, membership grew by 62% more in October,bringing its total member count to 221,470 at the end of themonth.

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“Bank Transfer Day was a huge success for San Diego CountyCredit Union,” Halleck said. “Our highest account openings wereattributable to dissatisfied Bank of America customers, with ChaseBank and Wells Fargo following closely behind.”

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The CU kicked off a free checking account promotion, “Shred YourBig Bank Debit Card,” on Oct. 31, that encouraged members to open afree checking account at San Diego County CU and post photos ofthemselves shredding their old bank debit card on the CU’s Facebookpage for a chance to win $1,000. The promotion runs through Nov.30.

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“I suspect that we will continue to see account growth throughthe end of the year as many big bank customers evaluate theirbanking relationships,” Halleck said.

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The $1.1 billion North Island Credit Union, also in San Diego,saw increased activity throughout the week leading up to BankTransfer Day, CEO John Tippets said. Tippets spoke on camera to alocal news station on Nov. 5, along with a new member who had justcompleted an ATM transaction.

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“I’ve been making a point to say that the real money savingopportunity for consumers is to bring over their credit cards andcar loans,” Tippets said. “I think what matters most is the impactof the message and what happens over time.”

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The $859 million First Entertainment Credit Union in Hollywood,Calif., received 99 new members on Nov. 5, despite having just fiveof its 10 branches open that day due to logistical issues orrestricted access at its other five, said Roy MacKinnon, vicepresident of marketing. In September, the CU averaged 17 newmembers on Saturdays, he said.

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The 59,000-member First Entertainment CU typically gets 500 to 600 new members amonth, MacKinnon said. But that number jumped to 1,042 in Octoberand 350 so far in November.

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“At that rate, it is likely we will have another 1,000-plus new-member month,” MacKinnon said. “We hope this is just the beginningof a big consumer move to credit unions and that the momentum willremain strong.”

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The $2.5 billion Wescom CU in Pasadena,Calif., reported numerous new memberships in the days leadingup to Nov. 5 and said its number of new members doubled Saturdaycompared with a typical Saturday showing.

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“The Bank Transfer Day momentum started early for us, with newmemberships up all week,” said Susan McCready, senior vicepresident of branch administration. “Some of our branches werebusier than others, but overall we saw an increase in new accounts.We are looking forward to establishing meaningful and long-termrelationships with our new members.”

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According to CUNA, California-based credit unions have seen thebiggest surge in membership, with around 90,000 new members and$624 million in new deposits since Sep. 29.

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The Portland, Ore.-based, 223,520-member, $3 billion OnPointCommunity Credit Union said it welcomed 256 new accounts on Nov. 5,four times its Saturday average of 65 new account openings. The CUalso took in $26 million in new deposits on Bank Transfer Day.

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Throughout the week beginning Oct. 31, OnPoint averaged 225 newaccounts per day, which is nearly a 100% increase compared to thesame time frame in 2010, the CU said.

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The Springfield, Ore.-based Northwest Community Credit Union,which serves 71,000 members throughout the state, also sharedpositive post-Bank Transfer Day news.

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The $674.3 million CU signed up 85 new members on Nov. 5. On thecomparable Saturday in November 2010, 20 new members joined thecredit union, CEO Matt Purvis said. Throughout October 2011,Northwest Community CU received three times as many new members asit did in October 2010, Purvis said.

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“We saw significant increases in new member numbers throughoutthe week, compared to on those same days in 2010,” he said.

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The credit union’s branches were open during extended hours onNov. 5 and drew an enthusiastic crowd, Purvis noted.

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“We heard some stories of people walking in and saying, ‘We’rehere for Bank Transfer Day,’” Purvis said. “It was in a real sensea celebratory atmosphere.” 

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Natasha Chilingerian

Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.