Texas Trust Credit Union Sees 75 Percent Jump in New Members Due to Bank Transfer Day, F.E.E. Syndrome Promotion

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Bank Transfer Day ignited a surge in membership at Texas Trust Credit Union. The credit union experienced a 75% increase in new members between Oct. 1 and Nov. 5. Nearly 1,300 consumers joined Texas Trust since the Bank Transfer Day initiative began.

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Clearly, the national awareness that surrounded Bank Transfer Day made a difference in the number of new members coming to Texas Trust this fall.

Texas Trust Credit Union saw a spike in new members in connection with the national Bank Transfer Day campaign as well as its own “F.E.E. Syndrome” promotion.

Bank Transfer Day, endorsed as a time when individuals could switch their banking from large commercial banks to more customer-friendly credit unions, was Saturday, November 5. But public awareness of the account-switching event was pushed throughout October by local and national news media, and even the Occupy Wall Street movement and other groups critical of large banks.

The number of new members that Texas Trust signed up from October 1 through November 5 was up nearly 75 percent over the same period in 2010. The credit union logged 1,248 new members this year, compared with 714 in 2010. On Bank Transfer Day itself, Texas Trust saw 47 new members sign up at its five branches serving Dallas, Tarrant, and Henderson counties, and parts of Ellis and Johnson counties. That is more than twice the normal number of new members the credit union adds on a typical Saturday.

“Clearly, the national awareness that surrounded Bank Transfer Day made a difference in the number of new members coming to Texas Trust this fall,” said Jim Minge, president of Texas Trust Credit Union. “And while we didn’t position it as part of Bank Transfer Day, our own F.E.E. Syndrome special offer tapped into the same sentiments.”

F.E.E. Syndrome is how Texas Trust describes the weariness that consumers feel in the face of the ever-growing number of fees that their financial institutions are imposing or increasing. As Texas Trust explains, F.E.E. stands for “Feeling the Effects of the Economy,” and its recommended cure is for consumers to change where they bank.

Texas Trust last week announced its special F.E.E. Syndrome $155 offer, to anyone opening one of the credit union’s Free & Flexible checking accounts. The most popular Texas Trust account is free of minimum balance requirements and provides free online bill paying, a free MasterCard debit card, free home banking – including home deposits -- free Texas Trust ATM transactions, free eStatements, free 24/7 member service, and a free box of checks when the account is opened.

About Texas Trust Credit Union
Marking its 75th year in business in 2011, Texas Trust is one of the largest credit unions in North Texas and the 21st largest in Texas. It is a full-service financial institution offering checking, savings, mortgages, credit cards, CDs, Money Market accounts, IRAs, and investment and insurance services. Its business services include SBA and conventional loans, electronic payment cards, checking and money market accounts, merchant card processing, online banking, insurance, and the Employee Solutions Network. With 58,000 members and assets of more than $680 million, Texas Trust operates in Dallas, Tarrant, and Henderson counties, as well as parts of Ellis and Johnson counties. Texas Trust branches are located in Mansfield, Grand Prairie, Arlington, Cedar Hill, and Athens. For more information, visit http://www.TexasTrustCU.org.

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