"It's a myth that credit unions are not as convenient as banks," said Heidi West, vice president of marketing for America's Credit Union. "On the contrary, many credit unions, including ACU, offer multiple electronic services including online banking, mobile banking, online bill pay, eStatements, eNotices, eAlerts and account aggregation. Our goal is to make account access as convenient as possible for our members."

Turns out, much of America has busted that myth over the past three months, as a steady stream of dissatisfied consumers abandoned their big name banks and transferred their holdings to credit unions.

According to survey by the Credit Union National Association (CUNA), more than 650,000 consumers have left their major banks behind and joined credit unions since Sept. 29. That date, when day Bank of America announced plans to charge a $5 debit card fee, was the catalyst for the Bank Transfer Day movement, set for Nov. 5. The grassroots effort - started in the world of social media - was backed by consumer groups and quickly gained popularity nationwide. 

"We definitely noticed a significant increase in new checking accounts beginning in October, right around the time the bank transfer day movement started," said West.

In fact, the CUNA reported that new checking and savings accounts in October alone amounted to $4.5 billion, generating more than a year's worth of members in a single month.

Although many of the major financial institutions have since withdrawn plans to impose new fees, consumers are continuing to move their money to credit unions.

According to West, the trend's continuation might have to do with the differences new account holders notice when joining a credit union, from more personal service, lower interest rates on loans and credit cards, and higher interest return on deposits. Those positives stem directly from the way a credit union is set up; as opposed to banks and other financial institutions, credit unions are member owned and operated, meaning that profits are returned to members, via the lower fees, which in turn also means surcharge-free ATM networks.

Additionally, the moving of accounts itself is made easier by many credit unions, which offer ‘switch kits' that help members transfer their direct deposit, ACH payments and more. For example, ACU offers in-branch instant issue of debit and credit cards, allowing new members to walk out with a valid debit or credit card the same day they open their accounts.

Many credit unions, like Joint Base Lewis-McChord's own ACU, also deal with a lack of physical branches by joining shared branch networks. The CU Service Centers shared branch network, enables members to conduct transactions at over 6,700 other credit union locations worldwide, regardless of the name on the branch's exterior. To see proof of just how far a credit union can reach or to find a shared branch location nearby, visit www.cuswirl.com.

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