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Credit unions are fine for customers who have relatively low service expectations and simple financial requirements.

By the way, about 10 years ago virtually all differentiating restrictions between credit unions and commercial banks were eliminated by legislation.

Innovation requires capital. Since credit unions have virtually no way to acquire capital their services and products are limited.

I happen to have a problem with legislatively-advantaged non-profits being permitted to fully compete with businesses that pay taxes, no matter what industry. I guess FReepers have something in common with the "occupiers."

Funny, you seem to have no problem with the legislative disadvantages of non-profits. (which is why they arent taxed) Furthermore banker, the CU’s actually do make a profit, and the members are the shareholders in a sense. And we see it in our dividends, lower rates, and better service. A banks board of directors makes decisions based on the good of the stockholders. A CU must do it based upon the good of the shareholders,, and they do.

As for your “simple” requirements, i have had mortgage products, car loans, savings, IRAs, free checking, and a Credit card.
Maybe ill check out a bank with it’s unfair legislative advantage if i need to finance a skyscraper in manhatten or i need to move my factory overseas.

And BTW the service is far better at a CU than a bank. Not even close. Ask anyone outside the banking industry. Your haughty tone aside,, most people would be better served by most CU’s than most banks.
As banks merged their investment side, with their consumer side,, and became internationalized,, consumer banking became the bastard stepchild to them. And it shows in their service.

Credit unions are fine for customers who have relatively low service expectations and simple financial requirements.

Depends on the particular credit union. Ours has savings and checking accounts, Certificates, offers Mortgage, Home Equity, and Auto loans, as well as Visa Cards. We also have divisions that handle Financial planning and investments, Insurance, and Realty. As far as service is concerned, we have quite a few branches in MA and NH, and we're open Mon. thru Sat., and late on Thurs and Fri. Maybe not ALL credit unions have that kind of service, but we do. ;o)