Credit unions hit a record number of members

[Javaman]

http://money.cnn.com/2012/02/29/pf/credit_unions_members/index.htm?iid=HP_LN

NEW YORK (CNNMoney) -- Credit unions hit a record number of members last year, as a growing number of consumers grew fed up with the fees at the nation's biggest banks and took their money elsewhere.

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.

Membership refers to the number of new customers, not the number of accounts being opened.

Much of this growth came in the fourth quarter of the year, as consumer movements like Bank Transfer Day spurred customers to ditch their big banks and look for alternatives like community banks and credit unions, which tend to incur fewer fees and offer better rates.

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