As a result of Bank Transfer Day, in which consumers were encouraged to switch to credit unions, 54 percent of credit unions reported an increase in share growth, according to a survey from the National Association of Federal Credit Unions sent to 10,000 respondents. At least 650,000 people have switched to credit unions since Sept. 29, according to the Credit Union National Association. About 80 percent of credit unions offer at least one free checking account with no minimum balance requirement and no monthly or activity fee, according to Moebs Services. About 64 percent of the largest U.S. banks offer the same. Credit unions can help consumers save money because they are non-profit, and can pay higher interest rates on savings accounts, and offer lower loan and credit card rates. The National Association of Federal Credit Unions ... has a web tool that allows people to search by address, credit union name or company/affiliation. The site had the highest traffic ever on Saturday, Bank Transfer Day. In October visits to the website were more than five times its monthly average. Visitors to the website last month increased by more than 700 percent compared to October 2010.
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