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ICNNMoney.comI says to Take this bank and shove it
NEW YORK (2/12/10)--Angry consumers' big-bank bashing over bailouts, bonuses, and nickel-and-diming continues in the media, with credit unions singled out as a haven from fees. In "Take this bank and shove it," CNNMoney.com discusses consumers' disenchantment with banks and highlights several people who switched from banks to credit unions. Abel Collins of Rhode Island switched from Bank of America to a local credit union to protest banks that had become "too big to fail" and lack of action in Washington, he told the publication (Feb. 10). CNNMoney.com notes that Americans are more willing to switch to smaller institutions, and cites Forrester Research that found big banks as the least-trusted U.S. financial institutions. (The same research found that 70% of those survey said credit unions are the most-trusted financial institutions.) Tom Q. of Minnesota told the publication he ended his 17-year relationship with Wells Fargo after learning he could open a checking account that earned a 4.10% annual percentage yield at a nearby credit union. "Wells Fargo just laughed and the banker said he would probably do the same," he said. It also noted that businesses are fed up with practices of the big banks. John Anderssen of Portland, Ore., whose photo appears with the article, closed his carpet cleaning business's account at KeyBank and opened an account at Sunset Science Park FCU, a $27 million asset credit union that makes loans that benefit the local community. "I'm very happy," he said. "It is like the banker in the movie 'It's a Wonderful Life.' It really is that way." For the full article, use the link.
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