The 220,000-member, $5.4 million San Diego County Credit Union reported that a debit card promotion tied to Bank Transfer Day wound up doubling the number of accounts the CU usually opens.
Final numbers show debit cards without fees generate significantly more members.
The bank has stopped issuing credit cards with between roughly 40 and 50 credit unions.
oFlows Inc., a San Francisco-based provider of paperless origination solutions for credit unions and banks, has been sold to online account opening pioneer Andera Inc. of Providence, R.I.
Credit unions in California and Oregon enjoyed a surge of new members on Bank Transfer Day, as well as on the days leading up to Nov. 5. To encourage new member signings, some CUs kept branches open during extended hours while others marketed Bank Transfer Day promotions.
The $1.7 billion NEFCU in Westbury, N.Y., said it opened a total of 932 accounts last week, nearly two and half times the normal pace.
Bank of America alone is in danger of losing 10.3% of its retail customers over the next 12 months, study says.
San Diego County Credit Union gained 362 new checking account members on Nov. 5 and more than 850 in the first week of November.
I have opted to offer an opinion on the recent announcement of impending conversion of First Technology from a credit union into a mutual. I offer the unique perspective of having gone through such a conversion in 2000.
When Bank of America announced a monthly $5 debit card fee would take effect in 2012, questions about the potential backlash ran through my head. Would consumers put up with this? Would the bank cancel the fee to combat lost business? How angry would the fee make Gen Y?