BofA Ignited Transfer Day, But Can It Be Sustained?
It started simply enough. Bank of America announced, and later reversed, a decision to charge debit card users a $5 fee.
What it became was the best present BofA could give credit unions: Fed up consumers looking for a better alternative and about two months of steady, free publicity and media coverage. That $5 fee served as the rallying cry for Bank Transfer Day.
In a Filene Research Institute blog, “The Day After Bank Transfer Day,” consultant Robert Hall warned that assuming BTD is successful, CUs need to convert these new deposits into earning assets–loans. Proper preparation for BTD requires “cross selling success during the new account opening process in refinancing auto loans held by banks” as well as a switch into lower rate credit cards.
For Brent Dixon, youth adviser for Filene Research Institute and Crash Network founder, it has delivered what credit unions have long sought.