PHOENIX – Credit unions around the country are launching new promotions, calling out to new members and cashing in new membership shares as next week’s Bank Transfer day approaches.
Paul Stull, senior vice president of strategy and brand at Arizona State CU, which is banking on its highest membership growth for any October in more than a decade, partly attributed the new members to the building anger at Bank of America, Wells Fargo and the increasing fees charged by the two mega-banks, but said that is not the sole reason. “People want low fees, but they also want Arizona communities to benefit when they choose a local financial institution,” he said.
Washington credit union giant BECU said in the past week and a half it has signed up about 5,400 new members. On average it signs between 6,000 and 7,000 new members a month, but if the current surge continues, it will nearly triple that rate for October.
Credit unions across the country are reporting similar membership gains.
Hundreds of credit unions around the country are building momentum for Bank Transfer Day, set for next Saturday. San Jose CU said it is keeping special hours at its two branches that day to accommodate new transfers. Michigan School and Government CU said it is also extending Saturday hours at its nine branches.
People’s CU in Rhode Island introduced a “Switch Kit,” at all of its branches, on its website and on social media making it easier to switch to a credit union account. As Bank Transfer Day culminates, the credit union adding extra staff at all of its branches to help enroll new members. “We have made switching to People’s as easy as possible for our new members,” said Nancy Quick, vice president of sales and service at the $370 million credit union.
