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Plenty of folks making the move to CUs--IBankrateI
MADISON, Wis. (3/3/11)--In the aftermath of the December 2009 launch of the Move Your Money movement, people are moving their cash to credit unions. Credit union membership nationwide went up 2% in 2009, according to the Credit Union National Association (CUNA). The movement urged consumers--angered by the reckless lending practices of large national banks--to move to a credit union or community bank (Bankrate Inc. March 2). This Bankrate article was picked up by Yahoo! Finance and published March 3. “Do your banking at a community bank or credit union and there’s a good chance you'll land better interest rates on everything from credit cards and saving accounts to money markets and certificates of deposit,” the article said. “For example, a study by the Pew Charitable Trusts in July 2009 found credit card rates at the 12 largest banks at 12.24% to 17.99%. At the 12 largest credit unions, the rates were 9.9% to 13.75%.” Credit unions return surplus revenues back to members in the form of dividends, low fees, and competitive interest rates, Pat Keefe, CUNA vice president of communications and media, told Bankrate. Also, the average annual cost of fees on bank checking accounts is twice as high as the average annual cost of fees on credit union accounts, according to a November 2009 study by the Madison, Wis.-based Filene Research Institute, the article said. To read the article, use the link.
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