14,000 Coloradans move $100M into credit unions
By Jon Collins
As the social media-sparked Bank Transfer Day approaches, the Credit Union National Association (CUNA) reports that over 650,000 people have joined credit unions in the last four weeks. In Colorado, the group reports 14,000 new accounts and $100 million in new deposits.
Credit unions nationally have added $4.5 billion in new accounts since the end of September, CUNA says, reporting that four out of every five credit unions affiliated with the group report that the increase is due to attempts by big banks to raise fees on customers or Bank Transfer Day, a movement birthed by social media that will take place tomorrow.
Bank Transfer Day organizer Kristen Christian explained the logic behind the movement on the group’s Facebook page.
“I started this because I felt like many of you do. I was tired—tired of the fee increases, tired of not being able to access my money when I need to, tired of them using what little money I have to oppress my brothers & sisters. So I stood up. I’ve been shocked at how many people have stood up alongside me.” Christian wrote. “Me closing my account all on my lonesome wouldn’t have made a difference to these fat cats. But each of you standing up with me…they can’t drown out the noise we’ll make.”