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CUs good press on fees picked up by IUSA TodayI Detroit paper
DETROIT, Mich., and NEW YORK (5/17/11)--The good press credit unions have received for their role in helping consumers avoid fees--while banks make it harder to avoid them--was reported in Friday's Detroit Free Press and picked up by USA Today's website. The story, by Detroit Free Press business writer Katherine Yung, discussed the trend amongst banks such as Bank of America and Chase Bank to be creative in raising their fees on checking accounts. One Chase customer, Jennifer Amilivia, when hit with a $12 a month checking account fee because she needed a single monthly direct deposit of at least $500--pulled her account, noting she "shouldn't have to pay to use your bank," said the article. She joined Dearborn, Mich.-based DFCU Financial, where she isn't required to pay such fees. The situation, said the article is "likely to drive more consumers to community banks and nonprofit credit unions." It cited Michigan credit unions' growth as an example and quoted Michigan Credit Union League statistics on the growth of members. The state's credit unions gained more than 2,600 members in first quarter, in addition to the 96,000 new members gained the past two years. According to Michigan league President/CEO David Adams, the story in the Free Press drew hundreds of consumer comments, "predominantly, incredibly supportive of credit unions." The original article was facilitated by an earlier story that reacted to credit union membership growth in Michigan, prompted by the league's call report news release, he said. To view the article and the comments in either the Free Press or USA Today's website, use the links.
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