CUNA, which originally said credit unions gained 650,000 new members in the weeks leading up to Bank TransferDay, now says the total was less than a third of that.
|The trade association said that there were approximately 210,000new credit union members during that period and 400,000 newchecking accounts.
|CUNA Chief Economist Bill Hampel said they've changed theirestimates based on receiving more complete data from credit unions.He said that that checking account growth was significant becauseit means that it “deepens the relationship that people have withtheir credit union.''
|Bank Transfer Day, which was held on Nov. 5, was conceived by aLos Angeles art dealer and gained social media and Internettraction following Sept. 29 announcement by Bank ofAmerica that it would charge a $5 monthly fee for customerswho use debit cards. The bank eventually reversed its decision.
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