Americans switch to credit unions at unprecedented rate
by: Christina Pontisso
America’s credit unions are booming! Rod Staatz, from the Daily Record, comments on the rapid growth credit unions are experiencing in the number of members. There are now more than 100 million Americans (that’s 1/3 Americans) that have joined the credit union movement. “The news is even better here in Maryland and the metropolitan area, where membership in the region’s credit unions now surpasses 2 million. Credit unions here collectively saved their members more than $146 million over the past year when compared to other financial institutions. That works out to $70 in savings per member.” – Staatz, the Daily Record
You might ask yourself why are so many consumers shifting from banking institutions in favor of credit unions? Staatz weighs in on this topic with his own opinion, “I believe the answer lies in part in the 2008 economic downturn. As all financial institutions nationwide found themselves dealing with increased government regulation, banks also found themselves facing growing pressure from shareholders to limit lending, particularly to small businesses. Credit unions, on the other hand, operated exactly as they always had; remaining close to their members and the communities they served.”
Another reason why consumers are making the switch, is by educating and discovering for themselves the services, benefits, and value members have in credit unions compared to banks.
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