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Mica to IFox Business NewsI More Consumers seek CUs
WASHINGTON (1/19/10)--More U.S. consumers are moving their money to credit unions from banks because credit unions are easy to join, accessible and dependable, Dan Mica, president/CEO of the Credit Union National Association (CUNA), told Fox Business News Friday. “Anytime there is an economic problem, people tend to fly to safety, and we have had a tremendous turn toward credit unions,” Mica said. “In fact [it’s been] double the population growth over the past year--over 2% growth for credit unions and 1% with the population. People are moving with their feet. “That is the biggest growth in over a decade,” he added. Accessibility is easy because CUNA provides an online credit union locator so consumers can join a credit union near them, Mica told Fox (use the link). Also, with more than 25,000 ATMs and the widening use of electronic technology--such as making deposits by electronically scanning them--credit unions are reaching out more than ever, Mica added. As for the future viability of credit unions in troubled economic times, Mica told Fox that people don’t lose money in credit unions because their accounts are insured up to $250,000. During the past 100 years in which credit unions have been in the U.S., no one has lost money in credit unions, he said. To view the segment, use the link.
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