Bank Transfer Day was an event designed to get consumers to move accounts from banks to credit unions. A lot of people participated, transferring accounts before and on the November 5th target date.
The Credit Union National Association (CUNA) initially reported impressive results, estimating that 650,000 people became new credit union members as a result of Bank Transfer Day. More recently, the number has been revised to 214,000.
CUNA notes that the original count was off because of a confusing survey, but credit unions still came out ahead. In addition, some of the benefits might not be included in the Bank Transfer Day counts (as existing members took more business to the credit union).
Further reading:
Wow, despite the survey, still many people were able to transfer their bank accounts through credit unions. It doesn’t seems like a very bad number at all. Thanks for sharing this.
I will assume that you wrote this piece using the data that you had available at the time. Would you mind revising this or adding an update given the recent data? I would hate for people to think that you are a poor financial analysts who can’t do a simple Google search.
http://www.reuters.com/article/2012/01/27/us-bank-transfer-idUSTRE80Q1TU20120127
This page (all the way down at the bottom) explains the confusion around these numbers: http://thefinancialbrand.com/22214/new-questions-surround-bank-transfer-day-fee-asco/.