You can read the full Credit Union National Association press release here. What the organization is saying, however, is that since Bank of America announced their $5 debit card transaction fee (since rescinded), more than 650,000 new credit union accounts have been created and a total of $4.5 billion in assets have been transferred from big banks to credit unions. This total doesn’t take into account funds transferred from big banks to smaller, community-oriented banks, so the figure could even be higher.
Credit Unions Claim $4.5 Billion in Savings Transferred from Big Banks in Last Month
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