Make a New Year’s resolution to move your money out of big banks? To that I say: Right on! Without question, financial consumers are angry at — and have lost their loyalty to — big banks. Late-night comics routinely make fun of the banks; there’s even a new iPhone app in which players try to stop “cash-hungry” bankers from wheedling more bailout money from the U.S. Treasury, according to a recent report in American Banker newspaper.
But if consumers do indeed move their money out of big banks, they would be well advised to look not only at community banks, but at the nation’s credit unions. In fact, consumers are already voting with their wallets in favor of credit unions. The data collected by my organization, (the Credit Union National Association — the industry’s trade group) shows that credit unions are on pace to post 2% membership growth in 2009.
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