Oct. 17, 2012 – More than half of the respondents to NAFCU’s latest Economic & CU Monitor survey said membership has grown beyond expectations and that new members most often cite dissatisfaction with banks as their reason for switching institutions.
The October newsletter, released Tuesday, says it’s clear that Bank Transfer Day has spurred membership growth at credit unions. Key survey results include:
- 55.9 percent of respondents said membership growth in the past year has exceeded expectations;
- 8.9 percent reported growth was less than expected;
- respondents were evenly split on whether they planned to spend more money to attract new members in 2013 than in 2012;
- year-over-year loan growth grew from 4.2 percent to 5.8 percent in August.
“It has been nearly a year since consumer frustration over excessive fees and poor customer service led to a mass migration of bank customers to credit unions in the Facebook-fueled movement dubbed ‘Bank Transfer Day,’” the Monitor reports. “While estimates vary, it is clear that the credit union industry added to its membership as a result.”
Nov. 5 will mark the one year anniversary of Bank Transfer Day. For more, see the October Economic & CU Monitor (members only).