According to a new survey from NAFCU , the Bank Transfer Day train is still chugging along for credit unions, bring new members and account penetration with it.
The survey and its results, reported in the October issue of the trade’s Economic & CU Monitor, revealed that 56% of respondents experienced membership growth over the past year that has exceeded their expectations.
Additionally, 56% report that new members gained from the grassroots movement have expanded their membership beyond the required share account.
“It has been nearly a year since Americans frustration with banks’ excessive fees and poor customer service led to a mass migration to credit unions in the Facebook-fueled Bank Transfer Day,” NAFCU President/CEO Fred Becker said Wednesday.
“Our data confirms that consumers who gravitated to Main Street credit unions stayed because they found true value through unparalleled service, lower fees and competitive rates.” Other key findings include:
- The most common way Bank Transfer Day members have deepened their relationship with their new credit union has been an increase in accounts (60%), followed by real estate loans (33.3%), credit card loans (26.7%), auto loans (20%) and certificates (6.7%).
- The most common reason cited by new members for switching from a bank to a credit union is dissatisfaction with banks (46.7%), followed by superior credit union loan and deposit rates (30%), increase in bank fees (16.7%) and poor customer service at banks (10%). In addition, NAFCU’s CULookup.com website remains a popular tool for consumers to find a credit union. Visitor traffic spiked dramatically on Bank Transfer Day, and remains up 30% as compared to last year.