Credit Unions See A 50 Percent Increase In New Accounts

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It is not much of a shock that Bank Transfer Day was a very successful endeavor. Mainly brought about from the general awareness that originated from the occupy movement.

Indeed, with the mood of the American consumers it was nearly a shoo-in success. You do not have to depend on media reports to get your evidence though.

The Credit Union State Association (CUNA) released statistics on its own, quoting a big and durable rise in traffic to its website (double what it was before the occupy movement started) plus a boost in account openings that has been ongoing.

This is primarily a consequence of the occupy movement and the growing general awareness of the bias of the present banking situation, expensive bank loans and the banks collusion in politics and the incontrovertible fact that the banks got paid after they fouled up the world economy and the tiny fellows (the 99%) have to foot the bill through so called govt. “austerity measures”.

This impossible to believe switch to credit unions has been typically ignored by the conventional media (shame on you). Which illuminates the possible collaboration of the media in this whole mess also.

Take a look at the numbers for yourself. Bank of America narrated on the 29th of September, 2011, it was going to impose a $5 monthly fee on debit card users.

By the 2nd of November $4.5 bill transferred from banks to credit unions.

This amounted to 440 thousand new credit union members, and a 50% rise in new accounts being opened. On the 5th of November, the day selected as “Bank Transfer Day” another 40 thousand folk made the switch, representing another $80 million being taken from banks and placed into credit unions.

While this is a sweet thing, one should remember that if they are a part of a small bank, they don’t fall under the law that was impacting Bank of America and other huge corporate banks.

There’s no need to go to a credit union if you already are part of a smaller banking institution. But you may wish to do so because credit union interest rates are usually better.

Also note that while Bank of America and other major banks have shelved plans for charging monthly fees for debit card use, they remain guilty of offering low interest on savings accounts and charging high interest on loans. This factor remains one particular reason that folk continue to move their money into credit unions.

Ian Smith is a guru in business and finance he writes for many publications including the 100 day loan 2012 review website. This site reviews the100 day loans product, including the ramifications of taking out a payday advance loan over one hundred days. Payday loans should only be used if other more reasonable loan products can’t be found first. Ian’s top advice will be to employ a local credit union, whose IRs and charges are usually significantly lower.

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