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News Now

CU System
CUs shine in readers comments on bank battle
MADISON, Wis. (2/9/09)--A story in a Madison, Wis., newspaper about credit unions battling banks for membership has generated a lot of positive credit union comments on the newspaper’s website. The article, “Credit unions duke it out with banks over market share,” was published Feb. 4. News Now covered the article Feb. 5. “Credit unions don't gouge people like banks do. Loan and savings rates are reasonable, but more importantly, they don't impose all the exorbitant fees that banks do,” according to one reader who posted in the newspaper’s comment forum. “I've been a credit union member for over 30 years and I've done almost all of my banking there. I couldn't be happier. I can't imagine ever going back to a bank.” One individual, who switched to Heartland CU in Madison, Wis., from U.S. Bank, explained why a credit union is preferable to a bank: “I switched last May from U.S. Bank to Heritage CU for several reasons,” the reader said. “Heartland charges no abhorrent fees, customer service is 10 times better, [I have] higher interest rates in my savings, and I’m less worried about my money being in a credit union than a for-profit bank.” Another individual, “LoveSummitCU,” paid $200 in yearly fees to a bank before joining Summit CU in Madison. “I’ve paid zero [fees] at Summit,” the reader said. “The best thing I can think of about Summit is that one day a teller and I were talking, and I happened to bring up that I wanted to buy a home. A loan officer dropped everything she was doing to talk to me right there and then. “She had another appointment, so she couldn’t talk long. But she actually called me later that night. I couldn’t afford [the home] quite yet, but I’m happy to say they worked with me for about a year on saving for a down payment, and I was able to buy my first house,” the reader added. To read the article and comments, use the link.
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