Millennials are increasingly shunning big banks and going local with their money.
Community banks won with younger customers last year, netting a 5 percent increase in account holders ages 18 to 34, while credit unions recorded a 3 percent gain, according to data compiled by Accenture Plc. By comparison, large national and regional banks struggled to retain millennial clients — losing 16 percent of them over the same period.
One reason: Bigger banks tend to charge more for retail services. There’s been an increase in fees for account maintenance, overdrafts, ATM withdrawals and other services at major financial institutions.
Continue reading: Millennials Ditch Big Banks and Go Local With Their Money