Credit Unions Take on Big Banks

It's been one of the worst years on record for the financial-services industry -- the financial group of the S&P 500 has plunged 28%. Big banks are buying back bad debt, as in Bank of America's recent deal with Massachusetts. As a result, many banks are hiking fees to make up for billions of dollars in losses. Credit unions, having escaped the financial crisis, are chipping away at their larger rivals' customer base. They offer what most consumers need: good rates, low risks and personal service.

If you are considering switching to a credit union, here are a few things to keep in mind.

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