Switching From Big Banks to Credit Unions


After the big bank fiasco and credit crunch we’ve seen over the past few years there’s been a movement for customers to leave big banks and partake in their local communities via credit unions. Credit unions offer a ton of unique advantages, but they are limited in the range and breadth of services. Using a big bank obviously brings more freedom because of a larger network, but are the benefits of a big bank really worth it?

According to one movement, the Move your money project you should strongly consider moving your funds from a big bank into a local credit union.

One of the main questions that comes up, of course, is why should I move my money from a big bank to a credit union?

According to their site there are three main reasons which include:

1) Take away power from the “Too Big To Fail” Wall Street Banks
2) Get a better deal on savings or checking accounts and more personal service
3) Take pride in investing in your own local community and spurring job growth

I completely understand the voice of movement and find their parody between the current situation and “It’s a Wonderful Life” (see their homepage) to be pretty interesting. If you’re if you’re “mad as hell” at the big banks you could follow the footsteps of over 9% of Americans who have switched from big banks to credit unions in protest.

Have you switched any of your funds into a credit union from one of the banks that were / are too big to fail?

Which do you prefer, credit unions or big banks?