In Ventura, Calif., $542-million Ventura County CU has seen Bank Transfer Day transform into Bank Transfer Month. Linda Rossi, SVP-strategic services, said VCCU averages 440 new members per month, but on Bank Transfer Day it opened more than 300 new accounts combined in branch and online, plus another 500 during the remainder of November.

"The question is: is this a short-lived situation or is it a tipping point for credit unions?" observed Rossi, summing up what many are asking. "We don't know the answer yet, but we are making inquiries to those who joined. We are asking if they have ever been a member of a credit union before, where they transferred their money from, and why they chose VCCU as there are a number of local credit union options."

Subscribe Now

Authoritative analysis and perspective for every segment of the credit union industry

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.