The Credit Union National Association (CUNA) announced on November 3 that hundreds of thousands of bank customers have switched to credit unions in the last month, far outpacing the normal number of monthly transfers:
Based on the responses of a nationwide survey of 5,000 credit unions, CUNA estimates that at least 650,000 consumers across the nation have joined credit unions since September 29 (the day Bank of America unveiled its now-rescinded $5 monthly debit card fee). Also during that time, CUNA estimates that credit unions have added $4.5 billion in new savings accounts, likely from the new members and existing members shifting their funds.
The survey results also show that more than four in every five credit unions experiencing member growth since September 29 attributed the growth to consumer reaction to new fees imposed by banks, or a combination of consumer reactions to the new bank fees plus the social media-inspired “Bank Transfer Day,” November 5. “Bank Transfer Day” urges consumers to transfer their accounts from banks to credit unions by Saturday, November 5.
The $4.5 billion figure does not include new funds transferred since November 3rd, and it doesn’t include the value of the money that has been transferred to community banks. The total figure could be well over $6 billion.
The same press release also announced that more than 650,000 new credit union accounts have been created since September 29.
Bank Transfer Day was launched by an activist in Los Angeles named Kristen Christian who was upset with Bank of America’s “ridiculous fees and poor customer service.” She started a Facebook page to promote it, and it grew from there. Occupy Boston and other Occupy groups around the country have ceaselessly promoted Bank Transfer Day since the start of the Occupy movement.
You can read the full CUNA press release here.
12 Responses to “We Did It! Credit Unions Say $4.5 Billion in Savings Transferred from Big Banks in Last Month”
This is just the beginning! I can’t wait to hear the results after this weekend…not to mention the forward movement we have started!
Now this is the kind of change we can believe in…
on November 6th, 2011 at 2:16 pm #
[…] We Did It! Credit Unions Say $4.5 Billion in Savings Transferred from Big Banks in Last Month November 6th, 2011 · Joshua Eaton · News and AnnouncementsOne comment […]
Well done.
great news!
If this is reliable data, this is AWESOME!
I haven’t made the move yet, because I want to use my accounts at B of A as leverage to try to influence that monster to change. Every time I go into the bank I express my opinions openly with other depositors who are present. I love watching the faces of the B of A employees drop.
This is another approach and I had done the same thing when I first heard about the fees…
Apparently freedom of speech only applies if I agree with you walking diseases. You slobs need to clean MY park and go back to Mommy’s basement.
I’m sorry you feel that others who are interested in this movement disregard your freedom of speech. Could you elaborate on why you feel like your freedoms are being curtailed? As for your ad hominem attacks on those who choose to camp out at Dewey square, perhaps you should go down to the GA and voice your concerns? As I understand it cleanliness and sanitation together is an issue at the forefront of the debate and different ideas on how to handle the situation are being discussed. I doubt the people who chose to hang out at Dewey square are willing to entirely disband to accommodate your desire for more accessible grass area but maybe a designated clear zone for beauty could be created. Do you feel that the occupiers are entirely intransigent with respect to your desires and thus you are not being represented or do you feel that things could change in a direction that you feel they would, indeed, be representing you as well?
on November 7th, 2011 at 11:42 pm #
[…] reading here: We Did It! Credit Unions Say $4.5 Billion in Savings Transferred from Big Banks in Last Month This entry was posted in Boston and tagged boston, country, credit-union, credit-unions, […]
on December 22nd, 2011 at 10:56 pm #
[…] to talk about making that an on-going campaign. Already between September [29] and November [3], 650,000 new credit union accounts were opened nationally for a total of almost $4.5 billion in new assets. Here in Iowa, 7,000 new credit accounts were […]