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|Hundreds of Thousands of Consumers, Billions of Money Move to Credit Unions|
|News Releases - Business, Economy & Finance|
|Written by Emily Caropreso|
|Tuesday, 08 November 2011 12:52|
Rising fees at banks spark consumer action during October in run-up to ‘Bank Transfer Day’
Des Moines, Iowa— Reacting to rising fees at banks, hundreds of thousands of consumers have rushed to credit unions over the past four weeks, and have joined existing credit union members in depositing or shifting billions of savings to credit unions, according to estimates released today by the Credit Union National Assn. (CUNA), the nation’s largest credit union advocacy group.
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650,000 consumers across the nation have joined credit unions since Sept. 29 (the day Bank of America unveiled its now-rescinded $5 monthly debit card fee).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 Sept. 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,” Nov. 5.
“Bank Transfer Day” urges consumers to transfer their accounts from banks to credit unions by Saturday, Nov. 5.
Membership in Iowa has increased by three percent from June 2010 to June 2011. This growth number is prior to the Bank Transfer Day movement.
Many Iowa credit unions are doing whatever they can to help serve this consumer surge in interest in credit unions. Some credit unions are extending hours and staffing for this Saturday (Nov. 5), performing email blasts to members, maximizing social media campaigns, putting up banners in lobbies, offering bonuses to members who bring in new members (and giving bonuses to new members as well), said Patrick S. Jury, President/CEO, Iowa Credit Union League.
“Credit unions have always been in the business to protect the interests of their members and to ensure their financial needs are being met,” said Jury. “We encourage consumers to make the change to credit unions so they can experience the credit union difference and take steps to become more financially secure.”
To find a credit union visit www.IowaCreditUnions.com.
The Iowa Credit Union League is the trade association that represents the interests of Iowa credit unions and their more than 900,000 members. Credit unions are not-for-profit, financial cooperatives owned and operated by their members. Iowans use their credit union membership to receive higher interest rates on savings and lower interest rates on loans. For more information on ICUL and Iowa credit unions, visit www.IowaCreditUnions.com. Follow ICUL on Twitter at www.twitter.com/icul or on Facebook at www.facebook.com/iowalittleguy
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