Credit unions aren’t competing with the mega banks. They are stepping into the niche that used to be filled by community banks.
And community banks were largely put out of business by government policy over the last 30 or so years. From the mid-70s to the mid-80s there were over 14,000 banks. Mid 90s, under 10,000 banks. Mid 00’s around 8500 banks. Mid teens, around 5300 banks. 2022 - 4136. And the bank liquidators are hiring back up.
I used Credit Union when in Ohio.....what a huge differnce in their service. I still have credit card through them even though I’m now living in another state.