NAFCU: Bank Transfer Day Movement a Credit Union Success

FOR IMMEDIATE RELEASE | November 07, 2011

NAFCU: Bank Transfer Day Movement a Credit Union Success

FOR IMMEDIATE RELEASE
November 7, 2011

WASHINGTON – From coast to coast, credit unions were the beneficiaries of consumers so fed up with Wall Street banks that they voted with their money and joined a credit union on November 5.

"Consumer frustration may have led people to us, but our hallmark of outstanding service, low fees and competitive rates will keep them," said National Association of Federal Credit Unions President Fred R. Becker. "Arising tide lifts all boats. Now that the American people have awakened to the value of Main Street's credit unions, we expect this weekend's robust turnout, both in-person and online, to continue." Simply stated, "Credit unions are no longer the best kept secret in banking," he said.

Some of the initial findings of NAFCU's National Bank Transfer Day survey of credit unions showed:

A majority (54 percent) of credit unions reported an increase in share growth resulting from Bank Transfer Day or an increase in bank fees.
Almost half (41.7 percent) tallied an increase in share growth of greater than 20 percent compared to last month.
In terms of year-over-year comparisons, 21.7 percent noted an increase to share growth of greater than 20 percent compared to October 2010.
Over three-fifths (63.9 percent) noted growth in membership during the month

NAFCU's credit union locator,CULookup.com, set a new one-day record for site traffic on Nov. 5. InOctober visits to the website were more than 5 times the monthly average for number of visitors. Also, visitors to the website in Oct. increased by more than 700 percent over Oct. 2010.

NAFCU is the only national organization that focuses exclusively on federal issues affecting credit unions, representing its members before the federal government and the public

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Contact:Patty Briotta|703-842-2820|pbriotta@nafcu.org

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