CHICAGO—While the elections will be getting the spotlight, today marks the third anniversary of Bank Transfer Day. While it’s hard to ascribe an exact number of people who have “transferred” to credit unions from banks, it can’t be overlooked that credit union membership has grown by several million people over the past few years.
Bank Transfer Day got its start when a frustrated bank customer, Kristen Christian, posted on Facebook her frustration over a $5 debit card fee from Bank of America, and said there ought to be a “bank transfer day.”
Her posting went viral, and it is estimated that 40,000 members joined credit unions on Nov. 5, 2011. Since that time, credit union membership has continued to grow, with the most recent numbers showing more than 101-million Americans belong to credit unions. PSCU has created an infographic (below) that explains Bank Transfer Day.