A Lot Of People Ditched Their Big Bank For A Credit Union Last Quarter

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Photo: Thomas Hawk | Flickr

Credit Unions are continuing to rescue upset consumers from big banks, with 667,000 people joining in the first quarter, according to the National Credit Union Administration. In March, their total assets topped $1 trillion, with the industry’s net worth passing the $100 billion mark for the first time. Switching from a big bank to a smaller one can be costly, but consumers seem to feel it’s worth the expense given all the fees big banks have been adding lately.

In recent months, we’ve seen big banks tack on fees for using debit cards, closing accounts, and keeping too low of an account balance.

All the while, non-profit credit unions have been gaining new customers with fewer fees, better customer service and a better range of options, period, including cheaper mortgages and loans. In fact, many credit unions offer accounts with low to no minimum balace requirement, and the same level of insurance as banks offer, according to ibmescu.org.

With their strong first quarter this year, credit unions are poised to add more members than last year. To date, they’ve added more than half the total (1.4 million) customers that joined last year.

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