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IBoston GlobeI editorial Banks need competition from CUs
BOSTON (11/30/10)--Credit unions are a good option for U.S. consumers who are fed up with new or unexpected fees from large banks, according to an editorial in The Boston Globe (Nov. 26). Recent legislation such as the Dodd–Frank Wall Street Reform and Consumer Protection Act have cut into banks’ fee income--with one analyst estimating that U.S. banks have already lost about $6.3 billion in overdraft fees alone, the newspaper said. Therefore, banks are shifting their losses to customers in the form of increased or new fees ranging from ATM transactions to checking accounts, the paper said. “Credit unions, nonprofit cooperative financial institutions owned by their members, tend to offer lower fees and higher interest rates, at least for savings accounts,” the Globe said. “And while credit unions haven’t been immune to the economic tumult faced by the big banks and occasionally have fee increases of their own, they generally don’t feel the same pressure that big banks do to maximize short-term returns. “If consumers vote with their wallets, credit unions could apply some much-needed competitive pressure to the banking behemoths,” the newspaper added. To read the article, use the link.
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