Fed-up Americans are fleeing major banks in favor of credit unions after becoming tired of low interest rates and dwindling branch numbers.
Some 1,500 traditional bank branches closed across the US last year as part of an ongoing and industry-wide cost-cutting strategy, driven largely by the rise of internet banking.
But the country’s credit unions expanded their brick-and-mortar presence. Over the same period, the total number of federally-insured credit union branches increased by over 50, according to data from National Credit Union Association (NCUA)
As it stands, some 4,800 credit unions cater to 135 million Americans and operate around 20,700 branches across the country. That is 500 more than there were a decade ago.
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