The outrage sparked by the recent announcement of increased fees at major banks across the country has already proven to be a boon for credit unions, according to the Credit Union Times.
Though credit unions have always offered a low-cost banking option, their association with particular groups or organizations and lack of self-promotion has kept them a relatively minor player in the U.S. financial sector. Now a growing online movement has declared November 5 “Bank Transfer Day.” The date is also Guy Fawkes Day in England, when a British terrorist attempted to blow up Parliament, an act that has come to represent antiestablishmentarianism.
“Credit unions are certainly making the most of this new awareness in the media,” Mark Wolff, senior vice president of communications at the Credit Union Association, told the Times.
CUNA reports that its website has seen 800 percent increase in traffic in the past two weeks, as well as increased interest from a variety of other forums as well.
Bill Cheney, CUNA’s president, told The New York Post that credit unions still suffer from the perception that they are less convenient, but noted that many have improved access to their services. However, the news source notes that many people might face difficulties switching simply because of the rising reliance on automatic electronic payment methods, all of which will need to be updated.