Consumers Move Accounts, Loans to Credit Unions
Cooperative not-for-profit structure means big savings for Consumers
DALLAS, Nov. 8, 2011 /PRNewswire-USNewswire/ -- According to a survey from the Texas Credit Union League, Bank Transfer Day delivered a 30 percent increase in new credit union members over what credit unions would typically have join in a single day. The percentage increase in Texas tracks with numbers released nationwide. But consumers did more than just open accounts. They also moved their loans. According to the Texas survey, several credit unions reported that in the days leading up to Bank Transfer Day loan volume was 23 times larger than normal and membership was 1.5 times the usual rate for October.
Nationally, the Credit Union National Association noted that more than 60 percent of the credit unions reporting signing up new members on Nov. 5 also said they had made new loans on that day. CUNA estimates that, overall, those credit unions made about $90 million in new loans on "Bank Transfer Day," to both new and existing members.
"I'm confident these newest members will continue to discover all that their credit unions have to offer, and will take advantage of savings on loans, credit cards and other financial products," says League president and CEO Dick Ensweiler. "With the help of social media and consumer advocates, people across the country are discovering credit unions and are making the move."
Nationwide consumers have saved billions when they move their financial life to a credit union. According to CUNA, consumers typically save annually $6.3 billion just by doing business with a credit union; an average of just under $70 per member.
About Texas Credit Union League
The Texas Credit Union League is the official trade association for credit unions within the State of Texas. The League represents, on a state and federal level, nearly 550 credit unions state-wide, which are owned by over 7.4 million members (about one-third of the state's population). Organized in 1934, the Texas Credit Union League protects credit unions and promotes their growth, strength and unity. For more information, visit www.tcul.coop. To locate a credit union near you, visit www.asmarterchoice.org.
SOURCE Texas Credit Union League