Bank Transfer Day Movement Overestimated

Bank Transfer Day was an event designed to get consumers to move accounts from banks to credit unions. A lot of people participated, transferring accounts before and on the November 5th target date.

The Credit Union National Association (CUNA) initially reported impressive results, estimating that 650,000 people became new credit union members as a result of Bank Transfer Day. More recently, the number has been revised to 214,000.

CUNA notes that the original count was off because of a confusing survey, but credit unions still came out ahead. In addition, some of the benefits might not be included in the Bank Transfer Day counts (as existing members took more business to the credit union).

Further reading:

• The Exaggerated Impact of Bank Transfer Day [via TheFinancialBrand.com]