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Bank Transfer Day

November 4th, 2011 -

A rebel initiative in the United States to get people to transfer their bank accounts to credit unions is likely to have a ripple effect in New Zealand.

However NZCU Baywide chief executive Gavin Earle says the US Bank Transfer Day on November 5 will continue to put the “spotlight” on banks and further promote the reputation of credit unions.
“There is a worldwide trend whereby people are questioning banks and locally we’re experiencing an increase in new members, most of which have switched from large banks,” Mr Earle said.

The US Bank Transfer Day has a Facebook page with over 68,000 consumers in the US saying they intend to close their accounts.

“Given what has happened around the world after the Global Financial Crisis, it’s understandable that more and more people are being attracted to trustworthy financial service providers like credit unions,” said Mr Earle. “Credit union members also like the fact that being 100% New Zealand-owned and operated, members’ funds are retained in New Zealand.”

As a credit union, NZCU focuses on getting to know members, understanding their needs and doing its best to tailor solutions that help them improve their financial position. Customer (or member) satisfaction is NZCU’s best form of promotion.”

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