Consumer Comeback Blog

Big Banks, Big Fees: Why Credit Unions Save Cash

Big banking has existed in the US since the days of the very first 18th century central banking system, and the idea of a “big bank” has always been a cause for scrutiny from many. And while the presence of big banks in America has long warranted speculation from more cautious consumers, in recent years that speculation has increased into, for many, suspicion. In the past few years, a growing number of people have opted to forego the big bank systems for smaller, more personal credit unions. In fact, 2011 saw America’s largest organized movement to encourage consumers to get their money out of the hands of big banks and into smaller, safer institutions. That event was 2011’s “bank transfer day,” when some 600,000 people abandoned big banks for small community banks or, in many cases, credit unions. Credit unions have gained more and more widespread popularity in recent years, with many members extolling the smaller, more personal relationship between credit union and member compared to big bank versus customer. Credit unions have come to be perceived as safer and more personal, and the following infographic examines just why so many people are making the switch. If you’ve ever found yourself fed up with your big bank, you’re not alone.

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Big bank and Credit Union Fees Infographic

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