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Huffington Guess whos a bright spot in banking
MADISON, Wis. (4/15/09)--Credit unions are a “bright spot on the banking front,” Arianna Huffington wrote on her blog Monday in The Huffington Post (April 13). “They’re lending, their balance sheets are solid, and their capital levels are near record highs,” Huffington added. She also wrote that credit unions are owned by shareholders, put member service ahead of profits and have avoided the subprime loan fiasco. Huffington mentioned on her Facebook page and to her followers on Twitter that she was going to write about credit unions, and asked readers to send in their thoughts. Some reader responses posted on her blog:
* “My own experience suggests that if you are looking for a secure financial institution in these turbulent times, think small and think local ... look for banking and credit institutions that have ties to your community,” a reader wrote about his positive experience going to a credit union. * “A credit union saved me from Bank of America. Every day BoA had a way to take some amount of money from me--every day a fee ranging from 25 cents to 35 dollars. Once I went credit union, transparency came back into my life. I woke up with the same amount of money I went to bed with ... The robbery was over. I will never trust a large bank again.” * “All I can say is that nothing beats the personal attention a credit union offers. It’s the ‘Cheers’ bar where everybody knows your name.” * “My 19-year-old daughter, with no previous credit history, was unable to get a car loan even when she was putting 50% down. Our credit union came through for her.”
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