Credit Unions are Growing Big Time!

Today is a good Monday. It's a beautiful day out, the sun is staying up for an hour longer, and I am researching port o potty rentals...okay, two out of three isn't bad, right? I haven't written too much about finances or credit unions recently so I decided to look around for a nice happy article about the awesomeness of credit unions. It didn't take me long before I found this tasty tidbit from CNN Money. It pretty much sums up what a lot of us already know...credit unions are awesome and people are joining more and more each year!

According to the article, due to the increased number of unhappy customers of big banks (like Wells Fargo...$7 fees coming your way!), more people are making the switch to credit unions. People are becoming members more then they ever have! According to the article,

"Credit unions added 1.3 million new customers in 2011, bringing total membership to a record 91.8 million by the end of the year, according to data collected by the National Credit Union Administration from the nation's 7,094 federally-insured credit unions." -CNN Money

HELLO!!!! What great news! Now...please overlook the fact that CNN called us customers and not members, but other then that, the article is wonderful news! Not only did membership increase, but asset size also grew as well by some pretty substantial numbers. Credit Unions are growing for sure, but there are still people who haven't heard the good news! If you think about the United States population being around 313 million (give or take), we've still got over 200 million people who have not made the switch! We've got our work cut out, but it's one step at a time for sure. With more Bank Transfer Days and word of mouth from members, credit unions will continue to grow and we'll see numbers increase again in 2012!

I mean...why wouldn't you join a credit union? I'm not sure why free checking, online banking, shared branching typically low interest rates and many other perks would make you want to go anywhere else! For the full article, click here. It will make your heart happy as a member, and make you think twice about your funds if you haven't yet made the switch...go on...read it! Also, when you are done, you should look at the Young and Free Maine Sound Off page and use your daily vote for one of the rocking bands/musicians!

Have you made the CU switch yet?

Seth P.