The California Credit Union League said it is still seeing record numbers of new members joining the state’s 427 credit unions.
The surge began after the Sept. 29 announcement that Bank of America would begin charging a $5 monthly debit fee and has continued past Bank Transfer Day on Nov. 5, the league said.
An estimated 160,408 new members joined between Oct. 1 and mid-November, the league said it found in a recent survey. The first nine months of the year saw an average of 15,500 new members per week, compared with 26,735 since then, an increase of 72%, the league said.
New deposits, meanwhile, have averaged $52.8 million a week – a total of just more than $317 million – since Oct. 1, compared to the average of $30.7 million per week from January through September, the league said.