Credit unions have seen their memberships surge as bank customers dissatisfied with high fees and poor service have started taking a stand. Make no mistake – this is unequivocally beneficial to those former bank customers.
But for the most part, they are leaving their banks because debit card and checking account fees are a nuisance. Remaining silent are those whom these fees forced out of the banking system altogether.
The unbanked and underbanked are without a doubt an at-risk population. They face significantly higher risk, have difficulty saving, and rely on loan sharks, payday lenders and others who take advantage of their situation.
These are the people who need credit unions the most. Bank Transfer Day encouraged people to move from banks to credit unions. While the memory is still fresh, we should encourage the unbanked to move from cash to safe, fee-free, honest checking accounts.