It’s Time to Switch to a Credit Union
A new report from FICO finds that Millennials (adults aged 25-34) are more open to changing banks than members of older age groups. This should be good news for U.S. credit unions.
According to FICO, Millennials say fees (low balance, ATM, etc.) are the top reason Millennials switch banks.
Banks keep raising these rates: Bankrate recently found that banks charge an average fee for using an out-of-network ATM of $4.52 per transaction. This fee is up by 21% in just the past five years.
Credit unions, on the other hand, charge overdraft averaging $26.78. Out-of-network ATM fees average just $1.50.
This puts credit union policies firmly in line with Millennials’ wishes.
Of course, the fact that CUs are also not-for-profit collectives only adds to the “values compatibility” between CUs and young adults.
Given these findings, it’s likely that CUs will continue to enjoy membership growth with members of this generation.
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