Bank Fees Driving Consumers to Credit Unions

The LA Times reports that

Consumers fed up with the rising tide of bank fees helped the nation's credit unions more than double their number of new customers last year, new figures show. More than 1.3 million Americans opened new credit union accounts last year, up from less than 600,000 in 2010, the National Credit Union Administration reported. That brings the number of credit union members to a record 91.8 million.

The paper reports that the Occupy Movement -- which was targetted in part at big banks -- and the Bank of America debit-card-fee fiasco were likely factors in consumers' decisions to switch to credit unions.

The article suggests to me that competiton among financial institutions for consumers' business will provide some degee of consumer protection regarding bank fees. The Consumer Financial Protection Bureau is particularly concerned over hidden or misleading fees.