With the one-year anniversary of Bank Transfer Day approaching, credit unions continue to tout how the national financial institution-switch movement helped catapult their new member figures into record territory. But that success has forced some credit unions to deal with unprofitable new accounts, an industry expert said.
Bank Transfer Day momentum apparently continues.
Survey by ATM/POS network found 53% say membership grew, nearly half attribute that to Bank Transfer Day.
The first 90 days after a new member signs on have taken on new meaning as the industry continues to experience slowed membership growth.
Three years ago, when the financial situations of many Americans began heading for a fall, the New York City-based, $1.6 billion, 320,000-member Municipal Credit Union took the opportunity to advertise how its services could help consumers manage their struggles.
Glatt Consulting says membership growth has not jumped, despite favorable publicity vis a vis banks.