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CUs over big banks? Money Talks News breaks it down to 9 reasons
MADISON, Wis. (2/14/14)--A Feb. 12 article in Money Talks News provides consumers with nine reasons to make credit unions their preferred financial services provider.  
 
"Are you aware of how credit unions operate and what they entail?" wrote reporter Allison Martin in the article, "9 Reasons Why Credit Unions Are Better Than Banks." "If so, you may be inclined to open up an account at one closest to you or even make the switch from your bank."
 
The nine reasons cited in the article include:
  1. Motives. Credit unions exist for the membership's best interest, not for shareholders, the article said.
  1. Structure. Credit unions are cooperatives, owned and operated by their members.
  1. Fees. Credit unions have lower expenses, so they are able to pass on the savings to their members.
  1. Loan rates. "Every loan I've ever gotten has been from the credit union, even after shopping around at the big boy banks," Martin wrote. "They usually have better rates because they are nonprofit and aren't looking to make their wallets fatter."
  1. Credit card offers. The average interest rate for credit cards was 10.99% for credit unions, compared with 11.82% for banks, according to the National Credit Union Administration (NCUA).
  1. Borrowing. "Been turned down by all the major banks? Try your local credit union, as its borrowing standards are more flexible and they may be willing to work with you," Martin wrote.
  1. Earnings on savings accounts. Saving rates are still on the low side, but credit unions nonprofit status usually means they have better rates then banks.
  1. Member service. Credit unions have built their reputation on putting members first.
  1. Insurance. Similar to most major banks, credit union accounts are insured up to $250,000 by the federal government through the NCUA.
 To read the full article, use the link.
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