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New Yorkers flock to CUs in bank revolt
NEW YORK (11/17/09)--New Yorkers are leaving their banks and flocking to credit unions in what is being dubbed the “bank revolt of 2009,” according to a Sunday New York Post article. New Yorkers are moving their money from big banks to credit unions because credit unions charge lower fees and generate higher returns on savings, the article said. Rob Nemeroff, director of marketing at Melrose CU in Briarwood, N.Y., told the Post that the credit union has added 300 new members a month and recently exceeded $1 billion in assets. “It took a financial catastrophe for the general public to wake up and realize what credit unions are all about,” Nemeroff told the newspaper. About 22% of Melrose CU’s newest members are from southern and western states. Melrose has an open charter, the newspaper said. The Post also noted that the shift to credit unions may reflect the increase of online banking tools available that allow consumers to compare rates and fees. Consumers also may be moving their money to credit unions because 122 banks have failed this year.
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