Here’s Why Credit Unions are Thanking Big Banks

While big banks look at a wavering costumer base, credit unions across the country are seeing huge increases in deposits and new memberships. In September when Bank of America (NYSE:BAC) announced a $5 monthly debit card fee, credit unions saw 650,000 new memberships—a movement that analysts say is a growing trend.

According to a Harris Interactive Poll, almost 90% of credit union members say they will keep their accounts, while only 60% of large bank clients say the same about their accounts. While 4 out of 5 credit unions grew last month, banks are up against a skeptical crowd due to their ATM and debit fees, among other reasons.

Patti Barrow, VP of marketing for Suncoast Schools Federal Credit Union in Tampa, Florida, stated in an interview with Reuters “we’re hearing that consumers are fed up with being nickeled and dimed on their checking accounts, and they’re ready to move.

Here’s how big banks are trading:

  • Bank of America Corporation (NYSE:BAC): The shares recently traded at $6.55, down $0.36, or 5.21%. Its market capitalization is $66.38 billion. They have traded in a 52-week range of $5.13 to $15.31. Volume today was 171,437,899 shares versus a 3-month average volume of 313,170,000 shares. The company’s trailing earnings are $-0.31 per share. The company pays a dividend of $0.04 per share for a dividend yield of 0.60%. About the company: Bank of America Corporation accepts deposits and offers banking, investing, asset management, and other financial and risk-management products and services. The Company has a mortgage lending subsidiary, and an investment banking and securities brokerage subsidiary. Get the most recent company news and stock data here >>
  • Wells Fargo & Company (NYSE:WFC): The shares recently traded at $25.46, down $0.35, or 1.36%. Its market capitalization is $134.23 billion. They have traded in a 52-week range of $22.58 to $34.25. Volume today was 16,787,091 shares versus a 3-month average volume of 47,286,400 shares. The company’s trailing P/E is 9.43, while trailing earnings are $2.70 per share. The company pays a dividend of $0.48 per share for a dividend yield of 1.90%. About the company: Wells Fargo & Company is a diversified financial services company providing banking, insurance, investments, mortgage, leasing, credit cards, and consumer finance. The Company operates through physical stores, the Internet and other distribution channels across North America and elsewhere internationally. Get the most recent company news and stock data here >>
  • Citigroup, Inc. (NYSE:C): The shares recently traded at $30.38, down $0.4, or 1.3%. Its market capitalization is $88.82 billion. They have traded in a 52-week range of $21.40 to $51.50. Volume today was 26,692,004 shares versus a 3-month average volume of 60,559,200 shares. The company’s trailing P/E is 8.10, while trailing earnings are $3.75 per share. The company pays a dividend of $0.04 per share for a dividend yield of 0.10%. About the company: Citigroup Inc. is a diversified financial services holding company that provides a broad range of financial services to consumer and corporate customers around the world. The Company’s services include investment banking, retail brokerage, corporate banking, and cash management products and services. Get the most recent company news and stock data here >>
  • JPMorgan Chase & Co. (NYSE:JPM): The shares recently traded at $33.90, down $0.48, or 1.4%. Its market capitalization is $130.84 billion. They have traded in a 52-week range of $27.85 to $48.36. Volume today was 19,163,083 shares versus a 3-month average volume of 50,905,500 shares. The company’s trailing P/E is 7.23, while trailing earnings are $4.69 per share. The company pays a dividend of $1.00 per share for a dividend yield of 3.00%. About the company: JPMorgan Chase & Co. provides global financial services and retail banking. The Company provides services such as investment banking, treasury and securities services, asset management, private banking, card member services, commercial banking, and home finance. JP Morgan Chase serves business enterprises, institutions, and individuals. Get the most recent company news and stock data here >>

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