Credit unions had a net increase of about 300,000 members inDecember and 1 million during the final quarter of last year,according to a preliminary analysis of data by CUNA.

The trade association estimates that total membership at creditunions had a net increase of 1.9 million members in 2011.

The publicity surrounding Bank Transfer Day fueled some of the growth, which CUNA ChiefEconomist Bill Hampel said would probably result in greater demandfor loans early this year.

“A lot of the new members were young people, who are a primetarget group for loans. Their initial deposits will be share draftsbut once they develop a good relationship they will go to creditunions when they need loans,'' Hampel said.

Credit unions had $586.3 billion in outstanding loans at the endof December, up from $584 billion at the end of November and $580.3at the end of December 2010, CUNA said.

Credit unions had $846.7 billion in savings at the end ofDecember, compared with $837.3 billion at the end of November and$803.8 billion at the end of December 2010.

Bank Transfer Day, which took place last Nov. 5, began on theInternet when Los Angeles art gallery owner Kristen Christianbecame angry when Bank of America announced a plan to charge $5 permonth for people that use debit cards.

The charge, which the bank eventually decided not to levy, was aresponse to the Federal Reserve's capping of debit interchangefees. The Dodd-Frank financial overhaul that Congress passed in2010 required the Fed to regulate those fees.

CUNA estimated that there was a net increase of 40,000 newmembers on Bank Transfer Day itself.