Elsewhere online
March 05, 2012

Rising Bank Fees Swell Customer Ranks at Nonprofit Credit Unions

Credit unions drew more than 1 million new customers last year as consumers fled commercial banks' rising fees, according to the Los Angeles Times.

The National Credit Union Administration said the nonprofit financial institutions registered 1.3 million new consumers in 2011, more than double the previous year's growth.

Close to 92 million Americans now bank with credit unions, which received a boost last year as the Occupy Wall Street movement, consumer organizations, and President Obama decried commercial banks' fees for account maintenance, debit cards, and other products and services.