The 40,000 new members, $80 million in new savings account funds, and $90 million in new loans that grew out of Bank Transfer Day signals a dramatic shift in consumers’ attitude. The repercussions will extend well beyond this month, CUNA Chief Economist Bill Hampel told Fox News recently.
In the past month, credit unions have brought in 700,000 new members and $4.5 billion in new deposits, figures that Hampel called “phenomenal.” Hear more from Hampel’s appearance on FoxNews through CUNA’s website.
A researcher at J.D. Power & Associates said it's too soon to say for certain that the transfer to credit unions will be a sustainable shift. Michael Beird, who is the director of banking services, posed this important question to Credit Union Times: "[W]hat is the directional trend in the quality of these customers that have moved out [of banks]?"