Boom Underway for Minn. Credit Unions
A year after a social media movement prompted people across the country to pull their money from big banks and put it in credit unions, membership at Minnesota credit unions has increased.
The Minnesota Credit Union Network says membership has increased at rates not seen in years. For instance, Affinity Plus Federal Credit Union tells us membership has increased 16% year over year. It's signing up 3,000 members per month.
Affinity says it works harder to build relationships with customers. In fact, credit unions can offer members better rates on a myriad of financial products.
However, The Minnesota Bankers Association says credit unions are tax exempt and enjoy unfair advantages that allow them to offer better rates.