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More than half in Bank Transfer Day survey report growth
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| - Results as of Nov. 7 |
Nov. 8, 2011 – More than half, or 54 percent, of respondents to a NAFCU Bank Transfer Day survey reported that either this Facebook event or the rise in bank fees helped drive more consumers and deposits to their institutions over the past month.
NAFCU conducted an informal Bank Transfer Day survey to gauge the impact on credit unions of people's frustration with big banks and their growing fees. It asked credit unions about membership and share growth, the reasons cited by consumers switching from banks and what credit unions intend to do to keep up the momentum well past this special moment in time.
The survey was posted online Friday and will remain open through this Friday. NAFCU President Fred Becker is encouraging all NAFCU members to participate.
With the significant boost from Bank Transfer Day, Becker said credit unions "are no longer the best kept secret in banking."
The Bank Transfer Day social media event was launched on the heels of Bank of America's Sept. 29 announcement that it planned a $5 month debit-card fee next year. That fee was abandoned last week, but reports said consumers were still fed up with the proliferation of new fees at big banks.
So far, in the NAFCU Bank Transfer Day survey:
- 41.7 percent of respondents saw share growth exceeding 20 percent compared with September;
- 21.7 percent said share growth this October was 20 percent higher than in October 2010;
- 63.9 percent of respondents reported membership growth in October, with 20.7 percent of this group reporting the growth was 20 percent higher than in September.
As to why consumers said they switched from banks:
- 50.8 percent of survey respondents heard people were switching because they were dissatisfied with banks;
- 23.8 percent were switching because of debit-card fee increases; and
- 11.1 percent switched because of poor customer service at their banks.
Respondents plan to utilize a range of tactics aimed at sustaining membership growth going forward, including marketing campaigns focusing on the advantages of credit unions over banks, auto loan promotions and holiday loan rates.
Membership and share growth aside, survey respondents said they are noticing stronger interest in credit unions overall. Most respondents, or 52.4 percent, reported a boost in website traffic during the month.
Numerous credit unions also said lobbies are more crowded, and they are fielding more questions about the differences between banks and credit unions. One credit union is adding Saturday hours at its branches for the first time in 50 years.
The survey remains open through Friday; post your response now.