11-04-2011, 01:39 PM
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Industry Role:
Join Date: May 2006
Posts: 9,820
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Credit unions add 650K members/$4.5 billion ahead of 'Bank Transfer Day'
Those are pretty impressive numbers. I wonder how much larger it will grow tomorrow on official "Bank Transfer Day"?
Quote:
If money talks, how loudly does $4.5 billion speak? That's the amount added in deposits at the nation's credit unions since Sept. 29, estimates the Credit Union National Association. The organization says at least 650,000 people have opened new accounts, bringing those billions of dollars with them.
That figure doesn't even include the thousands of dollars more brought by Frank Sheldon, 63, who runs a photography studio in Seattle. He closed two accounts at Chase and moved to Boeing Employees Credit Union, now BECU -- open to everyone, not just Boeing staff -- in early September.
Sheldon's bank transfer journey actually started in 2008, when his original financial institution, Washington Mutual, was sold to J.P. Morgan Chase (JPM). After the sale, he saw his credit lines cut, which caused his credit score to dip because it gave him a higher debt-to-credit ratio. Then came the fees. His previously fee-free joint checking account and business account picked up $10 a month and $15 a month fees, respectively.
See full article from DailyFinance: http://srph.it/rYBU2F
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