Big Banks Lose Billions On Bank Transfer Day

Bank Transfer Day, the grass-roots movement that urged bank customers to close their accounts and instead deposit funds in credit unions on or before November 5, led to at least 650,000 new credit union members and a total of $4.5 billion in new deposits, according to the Credit Union National Association.

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About 80% of credit unions in the U.S. saw an increase in accounts in October, with membership increases of 10,000 or more in 21 of the 50 states and the District of Columbia in the past month. California credit unions saw the biggest gains, adding about 90,000 new members and $624 million in new deposits. Texas came in second, with $326 million in new deposits from 47,000 new members.

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Mary Beth King, communications director for the Credit Union Association of New Mexico, said that the association would be sending out surveys to its member institutions to gauge new numbers. However, “Regardless of how many people joined credit unions Saturday, there is a big new awareness of credit unions as not-for-profit financial cooperatives owned by their members. That is the credit union difference we’ve worked to let people know about all along,” said King.

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