Jeff Hardin if your credit union would like to participate in this outreach.)
Credit unions across NC continue to see an influx of new members as Bank Transfer Day (BTD) approaches. BTD, a viral campaign created by a 27-year-old woman in California several weeks ago, urges people who are fed up with high banking fees to switch to a credit union or community bank on or before Saturday, November 5th.
The BTD campaign has further fueled people who were already angry at fee increases at large banks to move their accounts to credit unions. Allegacy FCU and Members CU hope to capitalize on the momentum. Members announced the launch of a "Break Up with Your Bank" campaign this week. As part of the campaign, the credit union plans to open its Winston-Salem headquarters location on Saturday morning, November 5th.
In a press release announcing the campaign and the extended hours, President/CEO Jack V. Braswell, Jr. noted that new account openings at Members have already spiked. "We are on pace to see an 83% increase in new checking account openings for the month of October," Braswell said. "As popularity for Bank Transfer Day grows, we want to make our credit union easily accessible to potential new credit union members."
Allegacy FCU is likewise extending its hours and providing special promotions to people who want to make the switch to a credit union. The credit union plans to extend its operating hours at all branches Tuesday through Thursday, and open four branches on Saturday, November 5th.
Cathy Pace, who is Allegacy's President of the Credit Union Division, said Allegacy is a great alternative to bank customers who are frustrated by high fees. “Since Allegacy is a not-for-profit organization, we exist to meet the financial needs of our members and it’s never been more important to have someone looking out for you and your finances,” Pace said in a press release.
Charlotte Metro FCU will not be open on BTD, but the credit union is concluding an incredible run of new accounts in October. The credit union has logged a 340% spike in online account openings this month, and a 91% jump in the branches. COO Nicol Morris notes that the credit union's call center will be open from 9:00 am - 1:00 pm Saturday in order to assist people who are opening accounts online. She adds that in addition to the new deposits at the credit union, "we are getting many requests for credit cards."
While many credit unions are choosing not to open on BTD, they have been kicking their marketing and advertising efforts into high gear. Coastal FCU has opened more than 1,450 checking accounts in the month of October in the wake of an increased television ad buy placed a few days after Bank of America announced a new $5 debit fee beginning in January. Coastal is on pace to double the rate of account openings in a typical month. Many other credit unions are noting similar spikes in new deposits and account inquiries.
BTD, which started as a Facebook page, has since spread to Twitter and sparked a grassroots movement. The BTD movement also has managed to capture substantial media attention along the way.
(Editor's note: the NC Credit Union League is in the process of drafting a press release that will be sent to statewide media to raise awareness of the efforts of credit unions as Bank Transfer Day approaches. Please contact