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Bank fees lead to increase in customers for credit unions
Nov 15, 2011 | 1064 views | 1 1 comments | 9 9 recommendations | email to a friend | print

Nov 15 11 - 06:24 PM

In the midst of nationwide protests and frustration over increasing fees, many consumers are migrating to smaller local banks and credit unions.

A Facebook event known as " Bank Transfer Day" took place on November 5th and since that time there has been something of a mass exodous to to smaller banks.

The Credit Union National Association reported that at least 650 thousand consumers have joined credit unions within the past five weeks.

Locally, Robins Federal Credit Union has seen a noticeable increase in branch traffic over the last several weeks as consumers shop for a better deal on financial services.

Cris Spicer, Marketing Manager, says that during the month of October, RFCU saw a 40% increase in new checking accounts, compared to the activity seen during October of last year.

According to the Georgia Credit Union Affiliates, credit union members nationwide saved $1.6 billion on fees when compared to bank customers, even before debit fees were launched.

Spicer says that members of the credit union can spend their money freely with out having to worry.

"You can use your debit card as much as you want without worrying about it coming back to bite you," she said.

Robins Federal Credit Union has 19 branches in 16 counties across Georgia.
Comments-icon Post a Comment
Jeffry Pilcher
January 22, 2014
FYI - Customers of credit unions are referred to as "members."