Happy Bank Transfer Day!
In light of the decision by many large banks to start charging consumers fees for their debit cards, Kristen Christian created Bank Transfer Day. The movement has a simple message: Move your money from banks to credit unions by today, November 5th.
By some estimates, 650,000 consumers have already moved $4.5 billion in assets to credit unions. It’s not a surprise that so many consumer are making the move, because the Bank Transfer Day movement taps into a basic reality: consumers like credit unions more than they like banks. I examined the data for banks and credit unions from the 2011 Temkin Experience Ratings, 2011 Temkin Loyalty Ratings, 2011 Forgiveness Ratings and 2011 Trust Ratings. Here’s what I found:
Credit unions deliver a better experience which has earned them higher levels of loyalty across all five areas we measure. And this data excludes USAA customers, which would have made the credit unions look even better. Only Regions holds its own against credit unions.
The bottom line: If customers don’t like you, then you are always at risk