With Bank Transfer Day (BTD) looming on the horizon Nov. 5, it’s difficult to forecast how much of the pent-up frustration and anger against big banks will result in consumers switching their business from banks to credit unions.
However, it is abundantly clear that the idea of BTD, originated by California art dealer Kristen Christian, has captured the public’s imagination. Therefore, credit unions want to be willing and ready to welcome new members.
Evidence indicates that people are already acting to transfer their business into the more consumer-friendly credit union model. Media outlets nationwide are reporting on BTD momentum, in which people are signing up to leave large banks in favor of credit unions on or before Saturday, Nov. 5. As of a week ago, more than 51,000 people had signed up for Bank Transfer Day on Facebook, and a cause page for the event has garnered more than 15,000 “likes.” More than 400,000 Facebook users have been exposed to the idea of Bank Transfer Day via the Facebook page.
Yet, it is also true that the difficulty of transferring all business from one institution to another may impede all but those with the keenest desire from acting on a single day.
Just as National Credit Union Administration issued guidance to bank examiners on how to treat an influx of deposits if they occur on Nov. 5 (use the link), the Credit Union National Association (CUNA) has also acted to help credit unions prepare.