Thousands Switch From Banks To Credit Unions. How About You?

More than 2,100 Northwest consumers switched to a credit union on Bank Transfer Day last Saturday, Nov. 5, a day when most credit unions that were open only did so for a few hours. A survey of credit unions by the Credit Union National Association (CUNA) shows Oregon’s 660 new members and Washington’s 1,430 new members account for 5.3percent of CUNA’s national estimate of 40,000 consumers making the switch to credit unions on that single day. Oregon credit unions were No. 20 on the list, with 660 consumers switching and more than $1.3 million moved into credit unions. Washington credit unions were behind 8 other states in both number of new credit union members (1,430) and amount of dollars moved ($2.9 million).

In 2010, Northwest credit unions averaged 420 new members a day signing up---87 in Oregon, 333 in Washington. Saturday’s total new members, respectively, is 5.4 and 3 times the average daily activity for the entire year.

About $80 million was recorded in new savings based on a survey of about 1,100 credit unions nationwide. The 1,100 credit unions surveyed also reported $90 million in new loans taken out on Bank Transfer Day by both new and existing members.