Credit unions opened more than 40,000 new accounts on Bank Transfer Day, with a total of $80 million in new savings, according to a survey of credit unions by CUNA released Tuesday afternoon.
In addition, 60% of the credit unions that signed on new members made loans on Saturday. The loans totaled approximately $90 million.
But this isn't just a one-day phenomenon.
"Since Sept. 29 – the day Bank of America announced its now-rescinded monthly $5 debit card fee – average estimated membership increases nationally were around 20,000 new members each day, “ CUNA President/CEO Bill Cheney said in a statement. “On Saturday, consumers doubled the pace. It’s clear that consumers kept up their interest in credit unions."
Yesterday I got my new debit and credit cards from my new non-profit bank. That means that tonight, my wife and I can slice up our Bank of America cards and bid them good riddance. It chaffed me carrying their branding in my wallet. I even got a great APR for the credit card balances I'm transferring. Next up? I've got some automatic bill pays that need to go through, then I can close my account on Friday. I'm even taking the day off from work to make sure I don't get sidetracked. Then next week, I'll start the process of refinancing my home away from Wells Fargo.
It feels awesome.