New members garnered from Bank Transfer Day (BTD) activities present a golden opportunity for credit unions to capture the attention of young people, according to a Credit Union National Association (CUNA) economist.
“What matters is what we do with them and to make them feel like they made a good decision,” Mike Schenk, CUNA vice president of economics and statistics, told News Now.
BTD activities likely garnered 450,000 net new members (new members minus attrition–those who move or closed accounts) in September and October, according to CUNA estimates. Despite the original CUNA estimate being revised, the bottom line is there were unusually high numbers of people joining credit unions, Schenk said.
“The numbers are large, but not overwhelming,” he added. “For most credit unions, they are unlikely to cause significant bottom-line challenges. There are some credit unions, however, which will have to spend a lot more time thinking about the financial impacts.”