650,000 People Joined Credit Unions Last Month; More Than All Of 2010

One of the tactics the 99 Percenters are using to take back the country from the 1 percent is to move their money from big banks to credit unions, community banks, and other smaller financial unions that aren’t gambling with our nation’s future. Now, the Credit Union National Association (CUNA) reports that a whopping 650,000 Americans have joined credit unions since Sept. 29 — the date that Bank of America announced it would start charging a $5 monthly debit fee, a move it backed down on this week. To put that in perspective, there were only 600,000 new members for credit unions in all of 2010. “These results indicate that consumers are clearly making a smarter choice by moving to credit unions where, on average, they will save about $70 a year in fewer or no fees, lower rates on loans and higher return on savings,” said CUNA President Bill Cheney.

It seems times are changing. Only 600,000 People joined a credit union last year. I wonder how many we will see join up this month. It makes a lot of sense to ditch the big banks and get on board with a local credit union, you save money on everything from fees to interest on loans. I would love to see BoA go under. I despise them for a number of reasons. I don't belong to a credit union at the moment as I love my local bank. Think I may be opening a savings account with one soon.

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Anyone out there have experience with a credit union? Would it behoove me to move my money from a small local bank that I love?