A study by SNL Financial shows consumers began shifting deposits out of banks and into credit unions almost 3 years before the populist Bank Transfer Day came into being last November. The study shows that the move of consumer deposits to credit unions began right after the financial meltdown of 2008.The percent of deposit growth grew equally at banks and credit unions from the end of 2006 through the end of 2008. Since then, however, credit union deposits have grown faster, and at last count were up about 43% since 2006 compared with about 31% at banks.
Read a summary of the SNL study here.
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