It was the prospect of keeping that extra cash that drove Rogich to open his account at Navy Federal Credit Union to use for loans, instead of sticking only with a traditional bank.
“I primarily use Bank of America for direct deposit and to pay monthly bills, but the benefits I receive from Navy Federal are phenomenally better,” he said.
Rogich isn't alone in eschewing traditional brick-and-mortar banks and joining credit unions for cheaper loans and better customer service. Between 2013 and 2014, nearly 2 million Millennials became members of credit unions, a 2% increase, said the Credit Union National Association, a Washington, D.C. trade group. Gen X-ers are also switching: 1.9 million opened accounts in the same period, and now 28% of credit union account holders are Millennials and 26% are Gen X-ers.
Click here to view the top seven reasons millennials have found credit unions to be a better fit for their needs.