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News Now

CU System
More media coverage after sixth week of record growth
MADISON, Wis. (11/15/11)--At the risk of sounding like a broken record, credit unions began their sixth week since Sept. 29 of drawing in new members fed up with bank fees, educating new members, and basking in the positive press that continued through this past weekend.

National media such as Fox Business, Bloomberg,  CBS Radio and Huffington Post continued to seek analysis from the Credit Union National Association. See related News Now story, "CUNA's Hampel tells Fox: 'Bank Transfer Season' has begun," in today's Washington section.

Georgia Credit Unions published this full page ad to thank members for joining credit unions. (Photo provided by the Georgia Credit Union Affiliates)
Meanwhile, leagues and local credit unions noted credit unions' success in regional and local media and continued to gather stacks of media clips of positive stories in their states. Some local media declared the Bank Transfer Day event a success.

"The numbers [of new credit union members] suggest that the movement worked," reported The Trenton Times. "Credit unions in Mercer County  reported significant jumps in both consumer interest in their products and in new accounts coming in."  New Jersey Credit Union League President/CEO Paul Genile told the publication that "this is just the beginning of what we're going to see. There's such a learning curve as to what is a credit union, and the whole Bank Transfer Day kind of cut that learning curve."

Georgia Credit Union Affiliates (GCUA) said Georgia's credit unions received "good coverage,"especially in The Atlanta Journal-Constitution, which published several stories last week and during Bank Transfer Day. On Monday, Georgia credit unions published a full page ad in thanking consumers for joining credit unions. (See ad.) For the articles, use the links.

The Wall Street Journal ran a column about the benefits of switching to smaller banks or credit unions while U.S. News & World Report (Nov. 14) wrote on "Seven ways credit unions are better than banks." (See related article,"U.S. News & World Report: Seven ways CUs better than banks" in theSystem section of today's News Now.)

Weekend coverage continued to focus on "wrap ups" of the impact of Bank Transfer Day, which was Saturday Nov. 5.  Some outlets, including American Banker, reported skepticism about credit unions' growth numbers, but most agreed that a customer shift did occur, reported the Electronic Payments Coalition, which tracks media reports on the issue. "Opinion coverage continued to characterize Bank Transfer Day and the general consumer shift as a positive for consumers and the free market," said the coalition's newsletter.
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