Customers ditch banks, flock to credit unions

Customers ditch banks, flock to credit unions

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by GLENN FARLEY / KING 5 News

kgw.com

Posted on October 14, 2011 at 8:17 AM

Updated Friday, Oct 14 at 8:37 AM

TUKWILA, Wash. --  What was once only known as Boeing Employees Credit Union is now the fourth largest credit union in the country.

Now it's known as BECU, and those initials are experiencing a major boom. Just since September 30, more than 7,000 new members have joined, and more than 700 joined on Wednesday alone.

Boeing employees are still there, but since the credit union is now open to anybody in Washington, Boeing's workforce only accounts for about ten percent of the more than 725,000 members.

BECU is a non-profit financial institution that continues to grow, now more rapidly than ever. August and September were record months.

With new federal regulations on banks, many of the bigger names including Bank of America are raising fees. Bank of America recently announced that it wil start charging $5 a month to use a debit card.

One Bank of America user said despite being a long-time and loyal customer, he's looking to switch to BECU over a range of fees.

Overall, the Northwest Credit Union Association says their member institutions report business is up 20 to 25 percent over last year.

But it's not just credit unions seeing growth. The Washington State Bankers Association reports deposits are also up at community and regional commercial banks.

 

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