by: Kelly McCartney
As the U.S.continues to recoverfrom the financial crisis started over seven years ago,the prospect of "too big to fail" banks still lingers because no real reforms have been made in the financial sector.
But what if that change started at the grassroots level? What ifaverage citizens took their money out of Bank of America, Wells Fargo,and Citibank and put it in local credit unions?
Well, this is already happening. Last year saw thelargest increase in credit union membership in 25 years. Why?Becauseunlike big banks, credit unions are not-for-profit, cooperative, tax exempt organizations that areowned by their depositors. They exist to serve their depositor-owners, not shareholders as in the case of big banks. This enables them to offer lower fees and higher interest rates than big banks all while offering the same services.
