The South Carolina Credit Union League said it has counted 24,376 new members at the state’s credit unions since Bank of America announced its now-rescinded $5 per month debit fee.
“That represents a 42% increase over normal membership growth” said Steve Fowler, the league’s president
According to Fowler, many of those who made the switch to a credit union cited big bank fees as a reason why they moved their money
So did Chris Terlinden, marketing director for the $497 million Palmetto Citizens FCU in Columbia, S.C.
“We always have new members joining because they are tired of their banks fees and poor service” Terlinden said. “However, we have seen a significant increase in the number of people specifically giving their frustration with their banks fees as their primary reason for switching.”
Fowler said South Carolina credit unions are continuing to “strive to make every day Bank Transfer Day. Just because an event was created on Facebook for one day, doesn’t mean you can’t walk into your local credit union a week from now or a month from now and experience the credit union difference.”