Credit unions benefiting from discontent with big banksby Martin Moylan, Minnesota Public Radio
St. Paul, Minn. — Minnesota credit unions seem to be benefiting from consumer discontent with banks. Since the end of September, the state's credit unions added about 10,000 new members and took in $71 million in deposits.
Nationwide, credit unions report they pulled in $4.5 billion in deposits and 650,000 new customers since Sept. 29. That's when Bank of America announced it would add a $5-a-month debit card fee. Other big banks implemented or considered a similar fee, but they backed off in response to a consumer backlash.
The number come just before "Bank Transfer Day" on Saturday. Critics of big banks are urging consumers to move their accounts to credit unions and community banks that charge lower fees.