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State estimates on switching new tools released by CUNA
WASHINGTON (11/7/11)--State-by-state estimates of member and deposit growth since Sept. 29 were released Friday by the Credit Union National Association (CUNA), whose overall report on national growth had generated much pro-credit union attention in the media last week.

The estimates cover growth at credit unions since Bank of America unveiled its $5 debit card fee, which it rescinded after  a nationwide public outcry that culminated in Bank Transfer Day, a day set aside to switch from big banks to credit unions and community banks.

The statistics are based on estimates collected from credit unions by CUNA's Economics and Statistics Department from Sept. 29 through last Wednesday. They do not include additions from Saturday's Bank Transfer Day.

The 10 states whose credit unions reported the most growth included:

  • California, with 90,100 members and $624 million  deposits into credit unions;
  • Texas, with 47,000 new members and $326 million in deposits;
  • New York, with 39,000 members and $270 million in deposits;
  • Florida, with 32,900 members and $228 million in deposits;
  • Michigan with 27,900 members and $193 million deposited;
  • Virginia, with 26,600 members and $184 million in deposits;
  • North Carolina, with 25,900 members and $270 million in deposits;
  • Pennsylvania, with 25,000 new members and $179 million in deposits;
  • Washington, with 23,300 new members and $161 million in deposits; and
  • Massachusetts, with 19,700 new members and $136 million in deposits.
Nationwide, more than 650,000 consumers opened new accounts and deposited an aggregate of $4.5 billion into credit unions during the period, said CUNA.  More than 80% of the 5,000 credit unions surveyed said they had added members since the end of September.

CUNA also developed some Web-based tools to help consumers make "a smarter choice" and consider credit union membership. Three new videos illustrating "bad choices" and challenging viewers to learn more about making a smarter choice have been uploaded to aSmarterChoice.org You Tub channel. The vignettes are designed to remind viewers in a humorous way that nobody's perfect and there's always an opportunity to make a smarter choice. The videos, Painting, Grill, and Dog can be accessed at the link.
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