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Even before the credit crunch, there were no shortage of people who subscribed to the "banks are *******s" school of thought. Now, many take the view that it is largely because of their greed and irresponsibility that we are in the mess we are in today. Trouble is, it's hard to get through life without a current account, so we need banks and building societies, don't we?
The answer is: not necessarily. There is an alternative. It was announced this week that seven more credit unions across England, Wales and Northern Ireland have just launched their own current accounts. This brings the total number of credit unions offering the service to 18.
Credit union current accounts were introduced in 2007, and the rollout is being supported financially by the government. Today, more than 15,000 credit union members have current accounts, with this number expected to double within the next 12 months.
So could this be the year that puts credit unions - huge in countries such as the US, which boasts 86 million members - on the UK map in a big way?
In the present climate, many people will probably find the idea of belonging to a credit union quite appealing. They are not controlled by City shareholders and they don't gamble with their customers' cash on the international money markets - they are financial co-operatives owned and run by their members that can help the less well-off get affordable credit and provide a trusted place for people to save in their local community.
Unlike most basic bank accounts, credit union current accounts offer a debit card that can be used in shops and to withdraw money from ATMs. Account holders can also set up standing orders and direct debits, which can save money when paying utility bills. But be aware that you won't get a cheque book and there is no overdraft facility - though at least that means account holders cannot incur charges for going overdrawn.
There is another catch too: some credit unions impose account charges. For example, Glasgow Credit Union's charge is £1 a month, while Edinburgh-based Capital Credit Union's is 95p a week. Newry Credit Union says it will charge £2 a month.
And credit unions are, of course, not immune from the problems that have plagued other financial institutions. Last year, six UK credit unions failed through insolvency, according to the Financial Services Authority. However, on the flip side, two new ones were authorised in 2008.
The credit unions that have just launched current accounts are: Newry, Hartlepool, Llandudno & District, Just (operating in Shropshire), South Tyneside and two in London: Tower Hamlets Community and Lewisham.
They join Capital (Edinburgh, Lothian and the Borders), Glasgow, Hull and East Yorkshire, Leeds City, 1st Class (serving Royal Mail workers across the UK), Glasgow-based Scotwest, Southwark (south London), White Rose (covering Wakefield, West Yorkshire, and West Yorkshire Police), Castle & Minster (Kirklees), Hampshire, and Voyager Alliance (serving the passenger transport industry in England, Scotland and Wales).
The good news is that credit unions are covered by the Financial Services Compensation Scheme, so the first £50,000 of your cash is completely protected. What is more, the scheme has a very good record of processing credit union claims quickly. In some cases, customers of credit unions that went under have got their money back within a few days.
The government is keen to see greater expansion in the sector, and has said it will scrap some of the red tape restricting their growth. At the moment, those who sign up to a credit union must share a "common bond". Usually, this means only those living in a certain area or who work in a particular industry can become members. But ministers have promised to radically change these rules so credit unions can provide their services to a wider range of people. This may also make it easier for credit unions to merge.
Also, credit unions currently pay their members "dividends" rather than interest on their savings, but the government says it will allow them to pay interest, which will make it easier for people to compare the returns offered by different institutions.
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