Consumers Displeased With Rising Bank Fees Drive CU Locator Site Hits Up

ALBANY, NY (11/04/2011)(readMedia)-- Visits to credit union locator, aSmarterChoice.org, have spiked significantly since Bank of America announced they would be imposing a $5 per month fee on all consumers using their debit card (which they have since rescinded). Those visiting aSmarterChoice.org looking for a New York credit union numbered 26,951 by mid-October, well above the 1,161 visits the site received in August.

Early estimates from the Credit Union National Association (CUNA) show that since Bank of America's original announcement on Sept. 29, New York State credit unions have added 39,000 members and that deposits have grown by $270 million during the same period of time.

Adding fuel to those rising numbers is tomorrow's Bank Transfer Day. The large amount of press surrounding Bank Transfer Day has fed right into the growing discontent across the country with corporate greed and the influence big banks have over corporations and government.

That dissatisfaction with the financial status quo has consumers looking for alternative financial solutions like credit unions.

"It's no surprise that the upcoming Bank Transfer Day has significantly raised the awareness of credit unions in the public eye," said William J. Mellin, president and CEO of the Credit Union Association of New York. "This increased awareness presents a great opportunity not only for credit unions positioned for growth, but for the credit union community in general to focus on the mission and purpose of credit unions, not on fees or the business model of big banks. After all, it's not the fee structure that makes credit unions different; it's the commitment they have to their members and to helping them build financial independence."

A sampling of New York credit unions positioned to take advantage of Bank Transfer Day are Buffalo Postal FCU, Capital Communications FCU, Mid-Hudson Valley FCU and Teachers FCU.

Buffalo Postal has made EZ Switch Kits available. They have also been doing radio advertising and will be donating $5 to a local charity for every person coming in that is making the switch. Capital Communications has put welcome banners outside their branches and increased staff for that day to be ready. Mid-Hudson Valley has been running both print and web banner ads in their local daily newspapers, while promoting the day via Facebook and Twitter. The CEO of Teachers FCU, Robert Allen, spoke about the credit union difference on a local television station. His credit union has also partnered with Bethpage FCU and NEFCU to launch BetterBankingforLongIsland.com to show locals that credit unions are a better way to bank.

Credit unions are not-for-profit, member-owned, volunteer-directed cooperatives that promote the financial and economic well being of all people, including those of modest means. They exist solely to maximize service to their members, while for-profit financial institutions exist to fill the pockets of their shareholders.

"I believe that new members will instantly see the difference between credit unions and big banks. They will find better pricing, superior customer service and a 'people helping people' philosophy-they're all part of the reason credit unions have been making a difference in their members' lives for more than 75 years," added Mellin.

On average, credit unions save consumers about $70 a year, and families save more than $130.* Actually, the more you use your credit union, the more you'll save. Like other financial institutions, credit unions are federally regulated and insured to at least $250,000 per account.

To find a credit union to join, visit the online locator at www.asmarterchoice.org.

The Credit Union Association of New York has served as the trade association for the state's credit unions for 94 years. New York credit unions have assets of more than $53 billion and serve 4.5 million members. To learn more about the Association, visit www.cuany.org.

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*Credit Union National Association (CUNA) Member Benefits Survey, June 2011.