MADISON, Wis. (3/11/08)--An article by a freelance writer on the SavingAdvice.com
blog (March 9) touts "10 Reasons Why I Love Our Credit Union." The author's credit union isn't identified, but she says it is based in Washington State. And here's what her credit union does right:
* Offers high initial interest rate on checking and savings. * Offers interest on a checking account. * Has no monthly fees. * Provides automatic overdraft protection (even though she always has money to cover her transactions). * Offers a variety of other services: credit cards, auto loans, mortgages, certificates, money market accounts. * Makes it easy to transfer funds among accounts. * Has a co-op structure. * Profvides quality service. * Offers financial classes. * Provides scholarships and grants.
However, the author consistently calls her credit union a "bank." Her use of the term prompts comments from readers debating what a "bank" and a "credit union" are. Some comments are misinformed, while others try to correct the misinformation. The exercise brings home the point that while members love their credit union, credit unions still must do a better job of educating their members about the credit union difference. To review the entire article and the comments, use the resource link.