Economy

Credit unions report uptick in accounts on Bank Transfer day

Credit unions in Charlotte and across the state reported a surge in new accounts this weekend tied to Bank Transfer Day.

The social media-driven movement encouraged big-bank customers to close their accounts and join credit unions by Saturday. Fueled in part by anger over Bank of America Corp.'s planned $5 debit card fee - which the bank dropped last week - and similar charges from other lenders, Bank Transfer Day garnered thousands of supporters across the country.

Charlotte Metro Federal Credit Union saw about 75 new accounts this weekend, more than four times its usual weekend business, chief operating officer Nicol Morris said. The credit union's branches aren't open on weekends, so that traffic was all online, she said.

Charlotte Metro reported about 1,400 new checking accounts in October, well above the monthly average of about 400.

"We have yet to see a slowdown," Morris said. "Through the week I think we'll still see a decent amount of activity."

Read the complete story at charlotteobserver.com

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