Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
CUNA's Gentile Talks CU Unsecured Loans In Reuters
WASHINGTON (10/30/13)--Credit unions again received high profile press coverage this week when Paul Gentile, Credit Union National Association executive vice president of strategic communications and engagement, talked credit union unsecured loan terms in a Reuters piece that focused mainly on banks.

In the story, Gentile noted that credit union unsecured loans average $2,600, with a four-year interest rate of around 10%. The Reuters story, which also ran on Moneynews.com, noted that larger banks such as Citibank and TD Bank offer personal loans at higher rates.

One such example cited in the story is Citibank's personal loan, which offers up to $50,000 at a rate between 6.74% and 19.49%.

A 2013-2014 Fees Report generated by CUNA's Market Research Department details just how much credit union members save when compared to fees and charges levied on bank customers.

For instance, more than 80% of credit unions with checking services still offer free checking, compared to 39% of banks. Only 18% of credit unions overall charge maintenance fees on non-interest bearing checking accounts. Half of those credit unions (9%) levy a general maintenance fee. The other 9% of credit unions charged fees only when a minimum balance fell below a certain threshold.

Another example provided in the CUNA report is median overdraft protection fees, which average $25 at credit unions, compared to median fees of $30 at banks and $35 at larger banks.

As for ATMs: The average nonmember credit union ATM fee, for those that charge them, is $2.10. Banks on average charge non-customer fees of $2.50 per transaction.


RSS print
News Now LiveWire
.@CreditYOUnion captures voices of #100MM loud, proud at @GAUnitedCU See #NewsNow Thursday for more
12 hours ago
Ill. @GovernorQuinn signs patent troll law http://t.co/ugWf8zHpCm via @CrainsChicago
13 hours ago
.@MBAMortgage : Mortgage apps increased 2.8% from one week earlier for week ending Aug. 22.
13 hours ago
Franchise businesses may face higher breach risk with POS systems HT @briankrebs http://t.co/LGE46DUk15
14 hours ago
About 1 in 3 consumers use plastsic for in-person purchases of less than $5, according to @CreditCardsCom survey.
15 hours ago