Credit Unions Gain Half a Million New Members in March: CUNA Report
Momentum from Bank Transfer Day continues to bring member growth to credit unions, according to March data from CUNA monthly estimates.
Credit unions gained half a million net new members in March, bringing total membership to 95.2 million, CUNA reported. Since March 2011, credit unions have gained 2.3 million members, with 1.6 million coming since November 1, just before Bank Transfer Day.
CUNA Chief Economist Bill Hampel says the estimates likely will be revised downward a little, but even so, the March numbers are close to a single month record.
The 500,000 gain in March brings the first quarter’s grand total to 1.2 million net new members, which is roughly the average number of new members credit unions have gained each year for the past decade.