Minnesota credit unions add hundreds of customers on 'Bank Transfer Day'

MPR reports about 600 people shifted $1.3 million to smaller community banks. That was just on one day. For all of last month, credit unions gained a total 11,000 customers.
Author:
Publish date:

MPR reports about 600 people shifted $1.3 million to smaller community banks. That was just on one day. For all of last month, credit unions gained a total 11,000 customers.

Next Up

Related

St. Paul high school cafeteria to get credit union

As an unusual offshoot of the school's business program, St. Paul Federal Credit Union will open a branch in the Como High School cafeteria. Students will act as tellers and customers. The branch will give teens a taste of working in finance and insights into managing their money, the Pioneer Press reports.

Somali officials plead with U.S. to keep bank transfers flowing from Minnesota

The bank that handles most of the money transfers from Minnesota to Somalia plans to shut down the service. Sunrise Community Banks fears the program could be violating federal laws meant to clamp down on funds flowing to terrorist groups. But Somali officials say the money provides an essential lifeline to relatives in the war-ravaged country and that shutting down the service could lead to a serious humanitarian crisis.

Feds close Minnesota bank

The FDIC shutdown Patriot Bank in Forest Lake Friday. First Resource Bank in Savage agreed to take over the assets and deposits from the failed Minnesota bank. There have been seven U.S. bank failures in 2012. Patriot Bank is the first to fail in Minnesota this year.