While Bank Transfer Day helped to boost membership to record numbers, the industry could see an exodus of some of its more profitable members in 2013 if credit unions are not capitalizing on those relationships.
Acquisition of new customers by smaller banks and credit unions increased by 2.2 percentage points 2011, the study found.
A revolution is brewing in the payments industry. The future of payments technology is now in the hands of consumers in the form of their mobile devices and smart phones.
Ever since Oct. 5, 2011, was dubbed Bank Transfer Day, credit union officials and others have been speculating about how many consumers joined credit unions on that day. Later this month, the NCUA will put an end to the speculation when we compile membership data from credit unions’ fourth-quarter call...
Mayor Sam Adams tells NWCUA the city needs to "buy local" when it comes to investing its money.
The trade association estimates that total membership at credit unions had a net increase of 1.9 million members in 2011.
Credit unions expecting to profit markedly and gain many new accounts from Bank Transfer Day fallout and Occupy protests will need to drastically step up their technology game, according to a California research firm.
Credit unions lost $1.4 billion in overdraft revenue in 2011 due to a bank-initiated overdraft price increase and the increasing popularity of alternative short-term loans, according to a new study from Lake Bluff, Ill.-based research firm Moebs Services.
Three months after the backlash grew when Bank of America attempted to levy a monthly debit card usage fee to spawn Bank Transfer Day, the financial institution is not saying whether the nationwide effort had an impact on any account closures.
Javelin Strategy & Research founder says credit unions need to offer more Web and mobile products or "go the way of the Oldsmobile."