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Bank Customers Flee to Credit Unions

Published:

http://www.americanbanker.com/issues/176_214/customers-flee-for-credit-unions-1043783-1.html

WASHINGTON — An estimated 650,000 consumers have closed their bank accounts and opted for credit union membership over the past four weeks, according to CUNA, bringing the approach to Saturday’s Bank Transfer Day to a crescendo.

In a survey of 5,000 of its credit union members CUNA estimates that at least 650,000 consumers across the nation have joined credit unions since Sept. 29, the day Bank of America unveiled its now-rescinded $5 monthly debit card fee. Also during that time, CUNA estimates that credit unions have added $4.5 billion in new savings accounts, likely from the new members and existing members shifting their funds.

Entry #658

Comments

1.
Rick GComment by Rick G - November 9, 2011, 6:54 am
And once they get a taste of the good service offered by credit unions they'll never go back to the parasites.
2.
sully16Comment by sully16 - November 9, 2011, 11:01 am
Been at a credit union for 20 years, love it. They don't have a talking to the teller fee there !

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