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Recent media roundup touts Save to Win CUs
MADISON, Wis. (1/7/10)--Credit union leagues and credit unions did the media rounds this week, but credit unions also came up naturally in discussions on programs such as the "Today" show on and in articles praising credit unions in theHuffington Post. On the "Today" Show, credit unions came up in a conversation among consumer finance experts Jean Chatzkey, David Bach and Sharon Epperson, who answered listeners' questions. In a discussion of savings account rates, Bach, author of "Finish Rich," noted that many accounts are at 1.65% and suggested getting a credit union account. "Go to Find a (Savings) rates are high for credit union members," he said. Find a Credit Union is managed by League InfoSight--a collaborative organization made up of state credit union leagues and the Credit Union National Association. Also, Epperson noted that if one needs liquid cash, "then you want a credit union account." Use the link to watch the video. On Live, Michigan Credit Union League President/CEO David Adams discussed the success of an eight-credit union pilot of the league's "Save to Win" program. The 12,000 participants have set aside more than $ 8 million through the prize-linked savings program, including a $100,000 grand prize, to be awarded Jan. 15, he said. He also discussed a CUcorp survey of the program's participants which found that 55% had not saved money regularly before program. The average saved is $680 per account. He noted the program will expand to 21 credit unions in the state this year. Use the link to watch the video. The Pennsylvania Credit Union Association (PCUA) discussed how the Credit Card Accountability, Responsibility and Disclosure (CARD) Act would impact consumers on
Corinne Sherman, the Pennsylvania Credit Union Association vice president, fee services, was interviewed Tuesday by abc27 Consumer Reporter Dennis Buterbaugh at PCUA headquarters about the Credit CARD Act and how consumers will be affected. The segment aired Tuesday night on the Harrisburg station's news program. (Photo provided by the Pennsylvania Credit Union Association)
abc27, a station in Harrisburg. Corinne Sherman, vice president, fee services, told consumer reporter Dennis Buterbaugh during an interview at PCUA headquarters that the new law prevents interest rate increase on a current balance and a 45-day notice before raising interest rates after the first year. Sherman particularly noted a provision in the Credit CARD Act that should prevent college students from getting too many credit cards. Sherman said the act prevents cards from being given to students under the age of 21, without the consent of a parent. The Huffington Post has published a series of articles that urge consumers to "Move Your Money." While it suggested moving your money to community banks, the site added a note that many readers wrote it to ask that credit unions be included in the effort. In another article, the Post provided "Move Your Money Success Stories," which invited readers to write of their experiences moving their money from big banks. The article said readers criticized big banks for unexplained hikes in interest rates and unruly fees charged, "sometimes, for no apparent reason." "Readers' stories from local banks--and especially local credit unions--contrasted greatly with the complaints of impersonal and unjust treatment at national banks. One reader from Western Massachusetts wrote about a "delightful experience" switching to Greylock CU. "Though not yet included in the Institutional Risk Analytics database, local credit unions received plenty of praise from HuffPost readers for having the best rates and responsiveness," said the article. Another reader transferred $5,000 from a Wells Fargo checking account to Patelco CU, where he had savings account. One reader said, "Ditch your bank for a credit union." Use the link to access the articles.
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