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IOpEd NewsI Moving money to CUs in consumers best interest
DENVER (5/11/10)--Despite the movement to move money from big banks to credit unions and community banks, one writer in OpEd News (May 10) is "amazed at how many friends don't know the benefit of banking with credit unions." Lee Patton, a writer based in Denver, wrote the article, "In Our Best Interest: Let's Move Our Money From Big Banks to Credit Unions." "Credit union membership helps shield the community from powerful commercial banks now hoarding our money after a decade of gambling with it," he wrote. "For most of us, it's in our public and self-interest to transfer savings and checking accounts from big national banks to local credit unions--first thing tomorrow." Patton lists the often-cited benefits of credit unions such as the not-for-profit structure and notes that credit unions represent democracy in action. "If we all transfer our collective wealth to our local credit unions, we will not only be well-served while paying and/or earning equitable interest rates, we will help our neighbors. When we make a deposit at our credit union, we won't be helping some big-bank CEO buy his or her sixth 'second home' in Aspen. Our savings will finance Fred and Ethel's new windows, Alice's new restaurant, Bart's first car, and Lisa's college tuition."
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