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Credit unions benefiting from anger at banks

November 10, 2011

According to some with knowledge of the credit and merchant services industry, many more people will be moving money to a credit union of some kind and out of large financial institutions.

According to some with knowledge of the credit and merchant services industry, many more people will be moving money to a credit union of some kind and out of large financial institutions.

In a release, Daniel Mica, who served as head of the Credit Union National Association for 14 years, said that more than a million people would end up switching the types of banks they use to store money. Mica, who recently established The DMA Group, said some businesses and consumers made the change as part of the Bank Transfer Day event. He said that the economy and other factors had contributed to the changes.

“Credit unions are in a unique position given the current environment regarding major financial institutions,” he said. “Credit unions should pursue this opportunity for growth with full vigor.”

Banks have been forced to change plans to impose new fees for those using debit cards. One of the financial institutions, Bank of America, went back on plans to impose a $5 fee for users after resistance. 

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