You can see on the chart just how much the credit unions’ gains have come at the expense of the two biggest banks, Chase and Bank of America. Since Chase acquired WaMu in 2008, its share of Seattle-area customers who use it as a primary bank has nosedived by 31 percent compared with when it was still WaMu. Bank of America has only done a little bit better than Chase with customer retention. Interestingly, while Chase and Bank of America have seen sharp declines, the big banks that are not quite as big — Wells Fargo and U.S. Bank — have increased their share of the Seattle market.
Many of the regional banks have gained ground — KeyBank being the big exception. And the number of people who do not have a primary bank, or are “unbanked” — that is, have no bank account at all — has climbed since 2008.
Credit Unions are now the #1 way to do banking in Seattle.
Let's hope this is a trend.