CUs Nationwide Report Transfer Day Membership Growth
The numbers are still being tabulated, but growth estimates are impressive.
Membership growth continues after Saturday’s Bank Transfer Day. In the month leading up to the big day, CUNA estimated around 650,000 new members transferred a total of $4.5 billion in funds into new credit union savings accounts. The Facebook event began with 500 people and by Saturday had 73,000 supporters, according to Bank Transfer Day's founder, Kristen Christian.
News from around the country illustrates how the membership numbers continue to swell:
• Boeing Employees’ Credit Union in Seattle signed up a record 659 new members on Bank Transfer Day, reports The Wall Street Journal.
• Dayton, Ohio-area credit unions, including Wright-Patt Credit Union and Universal 1 Credit Union are experiencing sustained growth, trending for more than a year, reports the Dayton Business Journal. Wright-Patt is on pace to increase membership by 7.7% year-over-year by the end of 2011.
• Bay Federal Credit Union, Santa Cruz, Calif., beefed up its Saturday staff on Bank Transfer Day to handle long lines, reports the Capitola-Soquel Patch. More than 100 new checking accounts were opened on Saturday at the credit union; the monthly average is 300 accounts.
• Bethpage Federal Credit Union on Long Island, opened some 1,471 new checking accounts during the last week, reports the New York Times. Some 672 of these, or about half, were opened Saturday. During the same week last year, just 383 were opened.
• Roughly 80% of United States credit unions increased their membership in October, reports New Mexico Business Weekly. Twenty-one states and the District of Columbia saw increases of 10,000 or more in that time. California-based credit unions saw the largest increases, with 90,000 new members and $624 million in new deposits. Texas-based credit unions saw the next highest increases; they acquired 47,000 new members and $326 million in deposits.
• San Francisco Fire Credit Union, San Francisco, with 30,000 members, acquired twice as many members this October as in an average month, says credit union CEO Darren Herrmann, according to the San Francisco Examiner. Redwood Credit Union, nearby, gained 600 new members in October alone.
• One million consumers have abandoned their accounts at big banks as of Nov. 4, according to ABC News. Credit unions have gained an estimated 650,000 new members so far.
• Palisades Federal Credit Union, the biggest credit union in Rockland County, New York with $150 million in assets, has seen 50% more new checking accounts opened this October than in any other month this year, reports MSNBC.
• First American Credit Union, part of First Community Federal Credit Union, in Rockford, Ill., saw a 60% increase in membership in October over October 2010, according to WIFR, a local radio station. At the same time, membership in all regions of the First American Credit Union and First Community Federal Credit Union increased 14%, and new deposits increased 15%.
• Digital Federal Credit Union, New England's largest credit union, with 330,000 total members, helped 133 new members open accounts on Bank Transfer Day alone, according to CNN. That number is 56% above the typical 85 account openings a normal Saturday brings.
• Texas Trust Credit Union in Mansfield saw an influx of new members in connection with Bank Transfer Day and its own “F.E.E. Syndrome” promotion, it reports. Membership increases since Oct. 1 were almost 75% higher than during the same period in 2010. New members numbered 1,248 this year; in 2010 that number was just 714.
Check back for continuous updates as additional reports become available.
Click here for state-by-state estimates of membership growth leading up to Bank Transfer Day.