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
RT @CUNA: #NussleReport: ICYMI: Revised RBC proposal in January w/a 90-day comment period #Fix RBC http://t.co/T4JcvWBDse
1 hours ago
.@TheNCUA release on Nov. prohibition orders out already. Here: http://t.co/YkA1QIYbYa
1 hours ago
#BlackFriday financial promotions at #creditunions via @GOBankingRates http://t.co/mvcbv5A3QN
2 hours ago
.@PayPal co-founder launches payment-plan lending for online purchases via @CNBC http://t.co/c1FnZHaQya
2 hours ago
Skimming remains biggest security threat for ATMs says @ATM_Industry global survey #NewsNow http://t.co/VIcX8yGqmY
3 hours ago