Economy

November 4, 2011

Some Californians switching from banks to local credit unions

Fed up with rising fees, frustrated customers of national banks are closing their accounts. In particular, credit unions – which are nonprofit organizations – are benefiting from the consumer frustration, with an estimated 650,000 people joining credit unions nationwide since Sept. 29 and shifting $4.5 billion into new savings accounts, according to the California Credit Union League.

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