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Saturday's Bank Transfer Day nets credit unions 40,000 new customers

Eileen Ambrose

12:05 PM EST, November 9, 2011

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Last Saturday was Bank Transfer Day, the deadline created by campaign on Facebook for bank customers to switch to a credit union.

The Credit Union National Association, which surveyed 1,110 of its members, says credit unions around the country reported adding a total of 40,000 members on Nov. 5th. The new members also that day deposited $80 million in credit union savings accounts. Meanwhile, credit unions reported making $90 million in new loans on Saturday.

In the weeks leading up to Bank Transfer Day, about 650,000 people joined credit unions and deposited $4.5 billion in them.

Credit unions should send Bank of America a dozen roses. The bank’s plan to add a $5 monthly debit card fee next year caused an uproar and encouraged a 27-year-old gallery owner in California to come up with the Bank Transfer Day.