NEW YORK (12/9/11)--An article outlining "Why You Should Consider a Credit Union" in Thursday's issue of U.S. News & World Report,
which also featured comments from the Credit Union National Association (CUNA) and the National Credit Union Administration (NCUA), was among several positive press items about credit unions in national media this week.
The article joined others carried in Yahoo! Finance
, and credit.com
. Even a press release from a solar energy products company touted credit unions as one of "Top 4 Ways to Save Hundreds of Dollars in 20 Minutes or Less."
The U.S. News & World Report
article noted the banks are having a tough year with new interchange rules and consumers are paying the price. "Credit unions, meanwhile, are offering some attractive deals," it said. Bill Hampel, CUNA's chief economist, told the publication that credit unions have volunteer boards, have no stockholders to please, and never took the risks that larger banks did by investing in derivatives markets. So the financial crisis was not nearly as hard on them, he said
It also pointed out CUNA's estimates that in the year ending March 2011, members saved $6.78 billion in interest and fees when compared with bank customers.
NCUA Chairman Debbie Matz told the publication that credit unions offer better rates than other financial providers and that she encourages consumers to comparison shop before opening accounts or signing for loans. She said the average interest rate of banks' five-year new-car loans is 5.1% while credit unions average 3.73%. For the full article, use the link.
Other articles included:
- "6 Benefits of Using a Credit Union," published by Investopedia and carried in Yahoo!Finance. In the article, Jenn Cloud, Young and Free spokesperson for Bridgeton, Mo.-based Vantage CU, and Seattle (Wash.) Metropolitan CU discuss misconceptions about and the benefits of credit unions. Use the link to access the article.
NASDAQ.com published an article, "Should You Switch to a Credit Union?" written by the Financial Planning Association (Dec. 7), which discussed Bank Transfer Day and cited CUNA information about traffic on its website. It noted that "credit unions offer some attractive features over a traditional commercial bank." Use the link to access the article.
- MarketWatch, in an article Thursday about the Occupy Wall Street movement, also wrote that "If you're a consumer who's had enough, it's only a matter of moving your accounts. The biggest bank-free option is the credit union."
military.com picked up credit.com's article, "3 Ways to Avoid New Hidden Bank Fees," in which one of the three suggestions is to "switch banks." It recognized credit unions as an alternative for credit card fees and said that "many small, local banks and credit unions are in a position to offer you a better deal than goliaths like Bank of America or Citi."