Bank Transfer Day a success for credit unions; what's next?

Bank Transfer Day was a resounding success for credit unions around the country, according to data compiled by the Credit Union National Association.

Credit unions gained 40,000 new members and $80 million in new savings deposits on Saturday, a day when many credit union branches are closed. That brought the total for the month prior up to near 700,000 new members, driven by the social media campaign to leave big banks and join local institutions.

Credit unions also reported $90 million in new loans made Saturday.

So what's next?

CUNA also compiled statements made by credit unions around the country (including comments made to the Observer). Several say that credit unions might step up their marketing efforts to keep the momentum going.

While obviously hopeful that the trend will continue, industry observers expect at least some kind of slowdown.