NEW YORK (MainStreet) — Remember, remember the fifth of November? Well the numbers are in, and they are memorable.
According to the Credit Union National Association (CUNA), more than 40,000 people joined credit unions on Nov. 5, “Bank Transfer Day,” bringing with them about $80 million in deposits.
CUNA says credit unions also handed out about $90 million in new loans on Saturday to both new and existing members. The estimates are based on a CUNA survey conducted with about 1,100 credit unions nationwide.
Last Saturday was the culmination of the best month ever for credit unions who, long lauded for their lower maintenance fees and higher deposit rates than big national banks, were a likely destination for consumers fed up with their financial institutions following the big bank debit card fee debacle of October.
Since Sept. 29, the day that Bank of America (Stock Quote: BAC) announced its now-rescinded monthly $5 debit card fee that’s credited with inciting the movement, credit unions nationwide added an average of about 20,000 new members each day.CUNA says the movement, in total, resulted in approximately 650,000 new credit union members.
However, credit unions were growing in popularity long before consumers organized a mass exodus. Earlier this month, CUNA CEO Bill Cheney told MainStreet that 1 million members joined credit unions in 2010, a number he expects will be easily surpassed in 2011.
Why are customers flocking to credit unions? Find out how they squeeze customers less than traditional banks in MainStreet’s Credit Power Index!