NEW YORK ( MainStreet) -- The Credit Union National Association has dialed down earlier estimates about how many customers closed their accounts at big banks and joined credit unions leading up to National Bank Transfer Day after a quarterly report revealed discrepancies in the data.
The new survey results show that only 214,000 people joined credit unions in October, a significant decrease from the number that CUNA had previously reported. Last month, the group said that credit unions had added approximately 650,000 members between Sept. 29, the day Bank of America (BAC) announced its now-rescinded monthly $5 debit card fee, and Bank Transfer Day.
|Discrepancies in data lead credit unions to dial down estimates about how many customers they gained on Bank Transfer Day.|
CUNA says it still stands by its estimate for Bank Transfer Day itself, maintaining that 40,000 people joined credit unions Nov. 5, but it does not believe that an additional 209,000 members were added between Nov. 1-4, as that amount of new accounts could be attributed to existing customers.