As Bank of America and related big banks lose popularity nationwide, smaller, locally owned banks and credit unions are benefiting. Horizon Bank, among others, is pushing for new customers as Bank Transfer Day approaches. That's a nationwide campaign to get people to switch their banking over to a smaller place that doesn't rip them off, and it's set for this Saturday. Even First Community Federal Credit Union, in Kalamazoo, will be offering special member giveaways and specials on Bank Transfer Day. Dave Adams, the CEO of the Michigan Credit Union League, tells WSJM that credit unions are already seeing a surge in account openings:
In fact, he says that he's talked to several in the state that have seen a doubling of new memberships in October. Meanwhile, Craig Dwight, CEO of Horizon Bank, makes a case for his institution, noting that the local, community banks make account decisions right there with you, the customer, and not hundreds of miles away in a board room. It's that kind of thought, many believe, that's sending customers straight back to those local institutions.
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In fact, he says that he's talked to several in the state that have seen a doubling of new memberships in October. Meanwhile, Craig Dwight, CEO of Horizon Bank, makes a case for his institution, noting that the local, community banks make account decisions right there with you, the customer, and not hundreds of miles away in a board room. It's that kind of thought, many believe, that's sending customers straight back to those local institutions.
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