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.