An estimated 650,000 consumers have closed their bank accounts and opted for credit-union membership over the past four weeks, according to Credit Union National Association, bringing the approach to the Nov. 5 Bank Transfer Day to a crescendo.
Based on a survey of 5,000 of its credit-union members the association estimates that at least 650,000 consumers across the nation have joined credit unions since Sept. 29, the day Bank of America Corp. unveiled its now-rescinded $5 monthly debit card fee (
The survey results also suggest that more than four in every five credit unions experienced membership growth since Sept. 29 because of consumer reaction to new fees imposed by banks or a combination of consumer reactions to the new bank fees plus the social media-inspired “Bank Transfer Day.”
“These results indicate that consumers are clearly making a smarter choice by moving to credit unions where, on average, they will save about $70 a year in fewer or no fees, lower rates on loans and higher return on savings.” said association President Bill Cheney.
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