Why consumers choose credit unions over banks?

Credit unions added more than 1.3 million customers last year, more than twice as many as in 2010, according to this story in the Los Angeles Times.  That brings the number of credit union members to a record 91.8 million, the National Credit Union Administration says.

This chart from MyBankTracker.com may help explain why:

Type of Fee Top 10
Banks
(Avg.)
Top 10
Credit
Unions
(Avg.)

Non-interest checking monthly fee $9.93 $6.50

Minimum balance to avoid monthly fee $1,626.67 $500.00

ATM withdrawal (out-of-network) $2.20 $0.83

Overdraft item $33.70 $23.40

Returned item $33.70 $23.40

Stop payment $31.90 $19.20

Incoming wire transfer - domestic $14.70 $1.30

Incoming wire transfer - foreign $17.50 $1.30

Outgoing wire transfer - domestic $26.40 $17.25

Outgoing wire transfer - foreign $45.50 $26.95

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