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News Now

CU System
Nearly all Maines CUs benefitted from BTD traffic
PORTLAND, Maine (12/2/11)--

Nearly all of Maine credit unions experienced an increase in new account openings and significant increases in inquiries from consumers interested in joining credit unions from Sept. 29 to Nov. 5, Bank Transfer Day, said the Maine Credit Union League.
Maine Credit Union League President John Murphy responds to a question about more consumers looking into credit unions from NewsCenter reporter Caroline Cornish. The story aired statewide on WCSH 6 and WLBZ  2.
"Thanks, in part, to the increased awareness of credit unions stemming from an online movement that went viral" and Bank of America's announcement of a monthly debit card fee, interest at Maine credit unions "took on a whole new meaning," the league said in News & Views (December issue).

The league said consumers' interest "had phones ringing off the hook, Web inquiries rising and lobbies bustling with traffic." Many CEOs told the league that the best part was that "awareness of credit unions has been raised significantly as a result of all the coverage."  News stories and interviews highlighted credit unions aired on nearly all of Maine's broadcast TV stations and more than 50 radio stations, while at least one article appeared in every Maine daily newspaper, said the league.

The league's survey indicated that nearly 85% of credit unions in the state experienced
Jessica Dorgai, a new member at Maine's Town & Country FCU, explains her decision to leave Bank of America because of its fees in a news story that aired statewide. (Photos provided by WCSH/WLBZ via the Maine Credit Union League).
growth in new member accounts above normal levels during October.

More than half the credit unions surveyed reported double-digit growth ranging from 12% to 55% during the period.  The state's credit unions added nearly 2,000 new member accounts, a 22% over normal account openings.

The league also reported that visits to its consumer-focused website at www.mainecreditunions.org increased 54% during October; 94% of them were new visitors.

More than 80% of new members reported joining a credit union as a result of bank fees and/or an increased awareness of the value and benefits of credit unions.
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