CUNA’s Hampel tells Fox: ‘Bank Transfer Season’ has begun – CUNA News Now

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The 700,000 in new members and $4.5 billion in new deposits that credit unions brought in the past month are “phenomenal,” and this success, and the continued attention paid to credit unions, could signal a “Bank Transfer Season” that will last beyond Nov. 5′s Bank Transfer Day, Credit Union National Association (CUNA) Chief Economist Bill Hampel said in a recent FoxNews.com online interview.

Credit unions brought in 40,000 in new members, and added $80 million in new savings account funds and $90 million in new loans, on Bank Transfer Day. Overall, a CUNA survey of 1,100 credit unions found that around 80% of larger credit unions said they signed up new members on Bank Transfer Day.
 
Larger states with more credit unions have picked up the most new members, with membership totals seeing larger increases in larger, urban areas, Hampel said.

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