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Star Tribune: If it feels like there are more credit union branches than there used to be, you are not imagining things. A reader contacted Curious Minnesota noting that when they moved to Minnesota about a decade ago, there were just a handful of credit unions. "Now, almost a decade later, they seem to be everywhere in the [Twin Cities] and suburbs/exurbs," they wrote to Curious Minnesota, the Star Tribune's reader-powered reporting project. "What's changed?" Credit unions have been opening up more branches across Minnesota in recent years, even as the overall number of credit unions has been shrinking. It's a reflection in part of how much more proactive many credit unions have become about growth, expansion and marketing to stay relevant in a competitive industry. Credit unions offer many similar services as banks, such as checking and savings accounts as well as auto and mortgage lending. But they are also not-for-profit entities owned by their members. So instead of funneling profits back to shareholders, they redirect them back into the organization by offering perks such as reduced fees or lower rates on loans. They are also likely appealing to those who are looking for a more personal, local touch, especially among consumers who are fed up with traditional big banks, which have come under scrutiny in recent years for excessive fees and other questionable practices.
Star Tribune: If it feels like there are more credit union branches than there used to be, you are not imagining things.
A reader contacted Curious Minnesota noting that when they moved to Minnesota about a decade ago, there were just a handful of credit unions.
"Now, almost a decade later, they seem to be everywhere in the [Twin Cities] and suburbs/exurbs," they wrote to Curious Minnesota, the Star Tribune's reader-powered reporting project. "What's changed?"
Credit unions have been opening up more branches across Minnesota in recent years, even as the overall number of credit unions has been shrinking. It's a reflection in part of how much more proactive many credit unions have become about growth, expansion and marketing to stay relevant in a competitive industry.
Credit unions offer many similar services as banks, such as checking and savings accounts as well as auto and mortgage lending. But they are also not-for-profit entities owned by their members. So instead of funneling profits back to shareholders, they redirect them back into the organization by offering perks such as reduced fees or lower rates on loans.
They are also likely appealing to those who are looking for a more personal, local touch, especially among consumers who are fed up with traditional big banks, which have come under scrutiny in recent years for excessive fees and other questionable practices.