Despite the fact that many big banks have pulled out of plans to charge a monthly fee to customers, more and more consumers are switching from traditional banking to non-profit credit unions.
Since the announcement came last September that the banks would begin charging debit fees, credit unions have seen nearly 650,000 new customers bringing total deposits by members up to an astonishing $4.5 billion. This information was collected from a National Credit Union Association survey of 5,000 credit unions.
It appears that the Occupy Wall Street movement has successfully made a difference when it comes to consumer tolerance and many Americans have realized the potential benefits of switching to a credit union. The surge of new customer deposits was more than credit unions are used to seeing from all credit unions combined over entire month. These statistics show signs that a new way of money management may be in the future for US consumers.
Credit unions are unique in that they do not operate for profit although they do still provide members with regulation including fund insurance up to $250,000 by the FDIC. Currently there are nearly 7,800 credit unions in existence within the United States.
An excellent credit union that offers excellent incentives for its members is the Pentagon Federal Credit Union. PenFed offers a credit card with no fees whatsoever called the Promise Card. To learn more about this credit card or how to become a member of PenFed click here.
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