WASHINGTON (11/15/11)--The 700,000 in new members and $4.5 billion in new deposits that credit unions brought in the past month are "phenomenal," and this success, and the continued attention paid to credit unions, could signal a "Bank Transfer Season" that will last beyond Nov. 5's Bank Transfer Day, Credit Union National Association (CUNA) Chief Economist Bill Hampel said in a recent FoxNews.com online interview.
Credit unions brought in 40,000 in new members, and added $80 million in new savings account funds and $90 million in new loans, on Bank Transfer Day. Overall, a CUNA survey of 1,100 credit unions found that around 80% of larger credit unions said they signed up new members on Bank Transfer Day.
Larger states with more credit unions have picked up the most new members, with membership totals seeing larger increases in larger, urban areas, Hampel said.
Hampel during the interview also highlighted the main difference between credit unions and banks: the non-profit structure that requires credit unions to think of their members first rather than be beholden to shareholders. Credit unions tend to offer better deals and lower fees than banks, and fewer hidden fees, Hampel added. Hampel did the Fox
interview late last week.
Meanwhile, in interviews that aired over the weekend on Bloomberg radio and CBS radio, including Washington-based WTOP
, CUNA President/CEO Bill Cheney also noted that "momentum is in credit unions' favor." The "special efforts" that many credit unions have taken to tap into the surge in interest was also covered in a recent Huffington Post
item, with Cheney noting that many credit unions have made individual and collaborative efforts to welcome new members and advertise their credit unions.