Credit Union Business Grows as Consumers Sour on Banks

November 3, 2011

A survey released Nov. 3 by the Credit Union National Association indicates that credit unions welcomed 650,000 new customers since Bank of America announced its monthly debit card fee -- which has since been scrapped -- on Sept. 29, with deposits from new customers rising to $4.5 billion. Credit unions are benefiting from the Occupation Wall Street campaign's call for consumers to leave big banks, with deposits from new customers equaling a month's worth of deposits from their entire customer base. Meanwhile, a Harris Interactive poll released Nov. 3 indicates that 90 percent of those using credit unions will stick with their current provider, while nearly 60 percent of those using big banks said the same. Many consumer say they plan to close their accounts with big banks and move to a credit union, despite the fact that banks have pulled their debit card fees.
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