Sunday, October 26, 2014
Inquirer Daily News

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.

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

Jeff Gelles Inquirer Business Columnist
About this blog

Jeff Gelles, who writes the Inquirer's weekly Consumer 14.0 and Tech Life columns, takes a broad look at the marketplace of goods, services, and ideas.

Reach Jeff at jgelles@phillynews.com.

Jeff Gelles Inquirer Business Columnist
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