A national credit union group significantly lowered its estimate for the number of new members credit unions signed on in the weeks leading up to November’s Bank Transfer Day protests against big financial institutions.
Last month, the Credit Union National Association reported that credit unions had added 650,000 new members between September 29, the day Bank of America announced a now-abandoned $5 monthly fee for debit card use, and November 4, the day before Bank Transfer Day.
On Monday, however, CUNA revised the number considerably lower, reporting that just 214,000 new members signed on during the month of October.
The organization said in a statement that the discrepancy with the earlier number is likely the result of ambiguous language in its previous survey, which may have caused respondents to confuse “new accounts” with being “new members.”
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