BETHPAGE, N.Y. – Credit unions around the country are reporting their best one-day membership gains for Saturday’s Bank Transfer Day, with hopes the momentum will continue building in the coming weeks and months.
Bethpage FCU said it opened a record 1,471 new checking accounts last week, compared to 338 new accounts for the same week last year, and 672 new accounts Saturday. Bethpage has seen a $100 million increase in deposits since Sept. 2, a 149% increase from the same period last year.
Digital FCU in Massachusetts welcomed 133 new members Saturday, 56% higher than the average 85 account openings it sees on a typical Saturday.
Texas Trust CU saw a spike in new members in connection with the national Bank Transfer Day campaign as well as its own F.E.E. Syndrome promotion, which paid $155 to anyone opening one of the credit union’s Free & Flexible checking accounts.
“Clearly, the national awareness that surrounded Bank Transfer Day made a difference in the number of new members coming to Texas Trust this fall,” said Jim Minge, president of Texas Trust. “And while we didn’t position it as part of Bank Transfer Day, our own F.E.E. Syndrome special offer tapped into the same sentiments.”
Elsewhere, BECU said it signed 660 new members Saturday – a new record – many of whom were Bank of America Customers. California’s Redwood CU added 75 new members on Saturday – an 83% increase compared to a year ago – and it said its parking lot was “jammed” with cars. Northwest Community CU reported 85 new members joined Saturday, about four times the amount who joined on a comparable Saturday last year.
At the grand opening of a Randolph-Brooks FCU branch in Pflugerville, Texas, the parking lot was so full members had to leave their cars across the street. Dozens of people opened an account at the Texas credit union as a local disc jockey gave away prizes.
San Jose CU opened 54 total accounts on Bank Transfer Day, including 30 new memberships. The credit union held special hours Saturday in order to service the community and open new accounts. The day also included the “Be Free” Promotion kick-off event for the credit union’s fee-free debit card.
Charlotte Metro FCU reported about 75 new accounts this weekend, all of it online because its branches aren’t open weekends, but more than four times its usual weekend business. Charlotte Metro reported about 1,400 new checking accounts in October, well above the monthly average of about 400.
Michigan Schools and Government CU reported 70 new memberships Saturday. CAP COM FCU reported 50 new memberships and another 58 people accepted “switch kits” with the paperwork to move their money to CAP COM if they decide to join.
Bethpage’s 24 Long Island branch locations held promotions on Bank Transfer Day, including awarding members $100 when they opened a checking account and turned in their old bank debit card or old checks.
The credit union reported prospective members lined up at its main branch, and that more than 900 members received the $100 on site. Bethpage also awarded two tickets to “A Wonderful Life” at the John W. Engeman Theater in Northport to the first 100 free checking accounts opened, and extended branch hours for the day. As part of the promotion, the $3-billion credit union made a “No Fee Guarantee” in which it pledged lifetime free checking for new member accounts.
