CUNA Revises to 210,000, Not 650,000, New Members in Bank Transfer Day Runup
CUNA, which originally said credit unions gained 650,000 new members in the weeks leading up to Bank Transfer Day, now says the total was less than a third of that.
The trade association said that there were approximately 210,000 new credit union members during that period and 400,000 new checking accounts.
CUNA Chief Economist Bill Hampel said they’ve changed their estimates based on receiving more complete data from credit unions. He said that that checking account growth was significant because it means that it “deepens the relationship that people have with their credit union.’’
Bank Transfer Day, which was held on Nov. 5, was conceived by a Los Angeles art dealer and gained social media and Internet traction following Sept. 29 announcement by Bank of America that it would charge a $5 monthly fee for customers who use debit cards. The bank eventually reversed its decision.