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Ken Tumin founded the Bank Deals Blog in 2005 and has been passionately covering the best deposit deals ever since. He is frequently referenced by The New York Times, The Wall Street Journal, and other publications as a top expert, but he is first and foremost a fellow deal seeker and member of the wonderful community of savers that frequents DepositAccounts.

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Bank Transfer Day Promotions at Credit Unions

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Most all of the large banks have backtracked from the debit card fees. It's clear they didn't anticipate all of the customer anger and the bad publicity. That anger led to the creation of Bank Transfer Day which is a Facebook-driven campaign urging people to close their accounts at the megabanks and move their money to credit unions by November 5th. Many credit unions have jumped on the Bank-Transfer-Day bandwagon, and some are offering checking account bonuses. If your main concern is a long-term relationship, these bonuses should be just one of many factors to consider. I described several other credit union features to consider in my post Finding the Best Free Checking Accounts at the Best Credit Unions.

Below is a list of Bank-Transfer-Day specials that I've found at some credit union websites. Some of these promotions are available for all of November. If you know of others, please leave a comment.

  • Palo Alto, CA - Stanford Federal Credit Union is offering $100 for the first 100 people who open a checking account with a $500 direct deposit on November 5th at the credit union's University branch or online. They make it easy to join with an association membership.
  • Saginaw, MI - Wanigas Credit Union is advertising on their home page their November 5th specials. You can earn $50 when you open a new checking account with three services. It's called the Shred Your Bank Card promotion. Credit union membership is open to residents in one of several Michigan counties.
  • Philadelphia, PA - TruMark Financial Credit Union is having special hours for November 5th, but its promotion will last through November. According to the promo page, "Open a new checking account with a free Visa debit card by Nov. 30 and get a $50 gift card with your 7,700 CURewards points." Membership is open to residents in Southeastern Pennsylvania.
  • Austin, TX - A+ Credit Union is offering a $50 bonus for opening a checking account with direct deposit by November 5th. They also have a $20 refer-a-friend bonus. A+ Credit Union was primarily for those involved in the Austin area schools, but they now make it easy to join with an association membership.
  • Seattle, WA - Verity Credit Union is promoting its checking account for Bank Transfer Day in which you can earn up to $75 ($25 for direct deposit, $25 for using the debit card and $25 for referring a friend). They have a special Bank Transfer Day page with the details. Membership is open to residents in Washington State.
  • Tennessee - First Tennessee Bank is the oddball on this list. It's not megabank, but with over $24 billion in assets, it's not really a community bank. Nevertheless, it's offering the largest bonus. You can earn up to $300 for opening a checking account and a savings account on November 5th. If you can't make it to a branch on November 5th, you can still get $200. As I described in my First Tennessee Bank promo review these are not free accounts. The bank had added a debit card fee, but it canceled the fee this week.

Other Credit Union and Bank Bonuses

We have a new bank promotions page with a table of all of the active bank and credit union promotions. You can filter the table based on the type of promotion and based on your state. I have more details about how to use this page in this blog post.


Related Posts

Comments
20 comments.
Comment #1 by Shorebreak posted on
Shorebreak
I have been a member of various credit unions since 1970. What took so long for people to wake up and smell the money?

2
Comment #4 by Anonymous posted on
Anonymous
With an additional 1 Trillion in deposits entering the banking system over the last 5 fiscal quarters, most of it deposited with the large money center banks, and with their being no opportunities for lending or relending against a maturing asset base consisting mostly of commercial and residential real estate, the big banks are just fine with people pulling money out.  Most of the 99% have small balances, and the economics of the banks keeping those small accounts is horrendous.  I can see the big banks laughing up their sleeves and saying good riddance.  Sad but true.

I wouldn't be surprised if the big banks put the Occupy Wall Street people up to it.  That just goes to show how ignorant the 99% people are to the way the banking system works.  If people really understood Dodd-Frank they would understand what the impact is.  And frankly, if the banks don't make money then all of the Occupy Wall Streeters parents who have 401k's, most of which are in mutual funds and most of those own bank stocks in significant proportions to the size of the fund, will have reduced performance--MEANING that the Occupy Wall Streeters aren't going to have as much of Daddy's money as they would have.

I don't work for a bank and I don't own bank stocks.

1
Comment #6 by Anonymous posted on
Anonymous
Anonymous - #4  The big banks are collecting billions in service fees from those deposits you say they don't need. More importantly, once a depositor leaves, the banks likely lose the opportunity to reap even more income from the debit and credit cards and loans that the depositor might have kept.  Dodd-Frank is chocked full of consumer protections that are specifically designed to counter the lending abuses that typified the big banks. So, of course, they have invested tons of money to elect politicians who will repeal this legislation and, with it, the regulatory provision that will hopefully keep the big banks from once again taking taking the economy to the brink. Although you and I are apparently among the chosen 1% of those who understand banking, I'd nevertheless encourage you to further investigate your assertion that Dodd-Frank will prevent big banks from making money. So far there hasn't been any evidence of that. The only problem seems to be that they're not making enough money to suit their shareholders. So, unless the the 99% of ignoramuses sell me out, I am optimistic that Dodd-Frank may, in the long run, help keep big banks from running roughshod over consumers and the economy.

2
Comment #8 by Anonymous posted on
Anonymous
The 'guy' IS Miranda.

1
Comment #10 by YFS (anonymous) posted on
YFS
More people need to be at credit unions.  The problem is that credit unions aren't as prevelent as the big banks so they are not as accessible.

1
Comment #11 by Paoli2 posted on
Paoli2
Are credit unions set up to take in the larger amounts of money and numbers of customers?  What happens if we can't switch our funds over until next year due to hefty EWPs and we will need the CUs during 2012?  Will they be closed off to us then or lowering their interest rates since they will have so much more money from new members?  Looks like to me that we will be in the same boat with CUs as we are now with the banks.  Just wondering.

1
Comment #12 by Anonymous posted on
Anonymous
Trumark Credit Union, mentioned on this page, is going to INCREASE fees as of January 1st, 2012. Including a 25-cent PER DEBIT TRANSACTION FEE.

BOA never got that slimy!

1
Comment #13 by Paoli2 posted on
Paoli2
#12 This debit increase shouldn't affect people like myself just looking for CDs but this is basically one of the things I am concerned about.  We could end up with CUs not being as easy to deal with in the future now that they see they are drawing in the big dollars.  I just hope they don't drop their CD rates are we will have no place else to turn.  2012 will be a concerning year for those of us looking for "parking places", imo!

1
Comment #14 by tegbx and poncx (anonymous) posted on
tegbx and poncx
these are my parking places along with 5 percent bonds chching

1
Comment #15 by Paoli2 posted on
Paoli2
#14    5% Bonds???  They must have been locked in quite some time ago!  Maybe you can be my financial guru before I end up homeless on the streets!!  Just kidding.  I already don't have a home!

1
Comment #16 by o contrare (anonymous) posted on
o contrare
 i just bought the bonds last month  rated bba 5.35 percent come due in 2019

1
Comment #18 by gary in (anonymous) posted on
gary in
to 8 what guy ?/

1
Comment #20 by prozac (anonymous) posted on
prozac
to ailoi is it air conditioned?   with cable and wall to wall bet the rent is good guy who? 

1
Comment #21 by Paoli2 posted on
Paoli2
Prozac:  Yep!  A/C, and computer and a nice St. Bernard to snuggle up to when it gets cold!  Where there is a will there is always a way so as long as Ken and the rest of you keep pointing me to places I can get higher CD rates, I am one happy puppy!  Just hope those nice rates are still available in 2012 when I will be needing them. 

1
Comment #23 by Anonymous posted on
Anonymous
A Plus Federal Credit Union.    Horrible !!!  With a previous loan history, 2 paid off loans sooner than agreed, no late payments, and not a single bad entry on my credit file for over 4 years.  I have a current loan with them, always paid on time, and I tried to refinance.  I used my same NEW truck for collateral. The requested loan amount is under the retail loan value of the truck. I have 10k cash in savings there and 7k in checking and they say because I have a young credit profile they couldn't refinance the loan for me.....??  And they are completely raping me on the current loan at 12.99% APR.    A Plus Federal Credit Union claims to be there when you need them most..  HA..  NOT  AT ALL..  The loan officer had the nerve to tell me"  A Plus prefers to make loans they KNOW are safe and completely secure and that it was not their fault my credit history was young and not too good.    Beware of A plus Federal Credit Union,  after speaking to 4 friends whom banked there until they had loan issues as well.   A Plus Federal Credit Union is NEVER on your side when you need them most..!!!!

1