Protesters support Bank Transfer Day in Los Angeles (Fred Prouser/Reuters)
While the Credit Union industry is still crunching the numbers from the weekend, the anecdotal results look great.
Santa Rosa, CA:
For Redwood Credit Union, the national switch day resulted in 600 new accounts.
The $1.9 billion credit union in Santa Rosa, Calif., said as a result of Bank Transfer Day, the figure was equal to six times the normal number of new accounts. Following a record October in new accounts for RCU, with an 83% increase over October 2010, the growth shows no signs of stopping, according to the financial institution.
San Diego, CA:
San Diego County Credit Union gained 362 new checking account members on Nov. 5 and more than 850 throughout the first week of November, President/CEO Teresa Halleck announced.
Compared to September’s membership growth numbers, membership grew by 62% more in October, bringing its total member count to 221,470 at the end of the month, she said.
Long Island, NY:
Bethpage Federal Credit Union reported that more than 1,200 new accounts were opened on Saturday alone, far more than the usual 300 accounts the credit union opens on average per week [...]
Two of the three credit unions extended hours of operation on Saturday and some added more staff to the schedule because of the expected increase in traffic.
“We opened at least 26 checking accounts, got a few loans and made a couple of business referrals,” said Michelle Balog, NuMark’s executive vice president. "We did 25% of our usual checking accounts goal for the month in four hours really. On a usual Saturday, we’re lucky if we open two accounts at a branch.”
Balog said all four of the credit union’s branches were open as usual on Saturday and that its Countryside location in the southwest Chicago suburbs stayed open an hour later than usual to accommodate the business.
There are more stories like this, lots more. But you get the idea. So what do banking industry supporters have to say about this?
[T]he banks are going to be better off because they are getting rid of their least-profitable or not profitable clients. It helps them stem this tsunami of cash that’s been flowing in that they don’t know what to do with.
Well, keep helping banks avoid that "tsunami of cash"—move your bank accounts, your credit card balances, your managed brokerage accounts. Let's see how long we see the banking industry pretend that this is just about losing "unprofitable" (read: not in the 1 percent) customers.