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Banks Lose 650,000 Customers To Credit Unions Says Recent Survey

When Bank of America announced it would be charging customers a $5 monthly debit card fee, their customers said enough is enough. Almost immediately there were petitions and according to a recent survey, more than 650,000 customers with B of A and other big banks, closed their accounts and went to a credit union. According to CUNA, the Credit Union National Association, nearly 80% of it’s 5,000 member institutions saw their customer numbers jump dramatically since September, with nearly $4.5 billion in new savings accounts.

Even more telling is the fact that more than four in every five credit unions experiencing member growth since September 29th attributed the growth specifically to the newly announced bank fees, or a combination of consumer reactions to the new bank fees plus, the social media-inspired ‘Bank Transfer Day,” November 5th.

“These results indicate that consumers are clearly making a smarter choice by moving to credit unions where, on average, they will save about $70 a year in fewer or no fees, lower rates on loans and higher return on savings.” said CUNA President Bill Cheney.

Bank of America
Mario Tama / Getty Images

By the way, Bank of America and other banks that announced the new fee structure have since rescinded those new fees entirely.

[American Banker]

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