Many credit unions are carefully monitoring their new membership activity as Bank Transfer Day approaches. The Facebook event has over 43,000 attendees on its page with more expecting to follow. Bank Transfer Day encourages everyone to remove funds from major banking institutions and into credit unions on or by November 5, 2011. Some consider the event a well-orchestrated movement, while a few remain skeptical.
An annual report released this week stated that there were 90.5 million members of federally insured credit unions as of June 30, 2011. Some believe that number will grow dramatically in the next few months. Click here to read more.