Bank Transfer Day One Year Anniversary

Monday, Nov. 5th, marks the first anniversary of Bank Transfer Day.  According to a new survey from the National Association of Federal Credit Unions, the Bank Transfer Day train is still chugging along for credit unions, bringing new members and account penetration with it.

The survey and its results revealed that last month 56% of respondents experienced membership growth over the past year that has exceeded their expectations.  Additionally, 56% report that new members gained from the grassroots movement have expanded their membership beyond the required share account.

It has been nearly a year since Americans frustration with banks’ excessive fees and poor customer service led to a mass migration to credit unions in the Facebook-fueled Bank Transfer Day.  Credit unions will continue to build on the movement’s momentum and expand its positive message to keep attracting new members and grow deposits and assets.