More Than 600 People Switch to RCU Over Bank Transfer Day Weekend
Nov. 9, 2011
GoLocal member Redwood Credit Union (RCU) saw a significant spike in new accounts over the weekend as a result of the Bank Transfer Day movement, with more than 600 new accounts opened on Friday and Saturday, which equates to 6 times the normal number of new accounts. Following a record October in new accounts for the Credit Union (with an 83% increase over October 2010), the growth shows no signs of stopping.
“While we’re thrilled to be welcoming so many new people to RCU, the real winner is the consumer or business owner who will see immediate savings and better service by making the smart decision to switch to a credit union,” said Brett Martinez, President & CEO of RCU. “Because credit unions are not-for-profit, people who switch enjoy more affordable banking with a higher level of personal service, and at the same time, they are helping strengthen the local communities where they live and work.”
Although credit unions have always been an excellent banking alternative, Bank Transfer Day—a grassroots effort started by a woman in Southern California who posted the idea on Facebook—helped increase credit union awareness and education among people who are growing frustrated with fees from big banks. According to the Credit Union National Association (CUNA), over 650,000 new Members transferred a total of $4.5 billion in funds into new credit union savings accounts in the month leading up to Bank Transfer Day.
About Redwood Credit Union:
- Redwood Credit Union serves 200,000 Members and has $1.9 billion in assets.
- RCU is the 63rd largest Credit Union of over 7,000 nationwide.
- Redwood Credit Union is a community credit union—which means anyone (consumer or business) living or working in the North Bay counties or San Francisco can bank with RCU.
- RCU has 18 full service local branch locations, with 28,000 fee-free CO-OP network ATMs nationwide plus a full array of online services including free home banking and bill pay.
- Services for both personal accounts and business include free checking, savings accounts, investment services, home and auto loans, business services and lending, credit and debit cards, free home banking and bill pay, insurance, and auto purchasing.
- Redwood Credit Union deposits are federally insured to at least $250,000 by the NCUA, a U.S. Government agency.