Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
ICNN MoneyI CUs are best borrowing alternative
NEW YORK (1/17/12)--Credit unions are the best borrowing alternative for consumers who are fed up with big U.S. banks, according to a Friday CNNMoney article.

Although they offer similar services to banks, credit unions are not held captive by the bottom lines of their balance sheets or shareholders, the article said.

That structure usually allows credit unions to provide more favorable terms for borrowers, Bankrate.com's Greg McBride told CNNMoney.

The average five-year new-car loan is 3.5% at credit unions versus 4.9% at banks, according to Informa Research Services, a CUNA Strategic Service provider quoted in the article.

For home equity lines of credit, credit unions offer a 4.4% interest rate, and banks 4.7%, on average, said CNNMoney.

Although fixed-rate mortgages are roughly the same at credit unions and banks, consumers likely will save hundreds in fees and have more direct access to decision-makers at a credit union, the publication said.

To read the article, use the link.
Other Resources

RSS print
News Now LiveWire
July 's Fed Bank's "FedFocus" has some interesting articles: incl cost/benefits of $1 currency 2 coin conversion ttp://tinyurl.com/nybmnhh
3 hours ago
Do you wish you were a News Now subscriber? Go here: http://t.co/7evfBSjeMx
3 hours ago
Financial education for student body key part of Altura #creditunion, UC-Riverside partnership #NewsNow http://t.co/Xp6OJd66o6
4 hours ago
.@VTcreditunions gains 200 new FB followers in just 2 wks to reach 1,000 http://t.co/I89xJcv4Jg
5 hours ago
.@CUNA is testifying on reg relief Tues,July 15 at 2 p.m. be4 Hs Fin Serv Subc. Here is the agenda and witness list: http://t.co/yBRhlmdqHt
7 hours ago