CNN: CUs acknowledged for trust, credit cards
WASHINGTON (2/15/10)--Credit unions were mentioned favorably in two segments Thursday of CNN Newsroom anchored by Tony Harris. The segments were about the most-trusted institutions and about credit cards.
Gerri Willis, CNN personal finance editor, reported on the best and worst financial institutions from the consumer's point of view, citing a new study from Forrester Research in which 70% of consumer surveyed said credit unions were most trusted.
Willis named the "bottom seven"--the least-trusted institutions, all big banks: Bank of America, Chase, Capital One, TD Bank/Commerce, Fifth Third, Citibank and HSBC. After noting that an insurance company was in the top spot as the most-trusted institution, she said, second on the list were credit unions: "Any credit union. Amazing, the credit union scores, number two."
The findings indicate that "people are really winnowing down to smaller institutions, smaller banks," Willis added. She outlined that if consumers want to break up with their bank and switch to a new one, they should look at fees, take care of automatic transfers and bill pay, and ask for help--some institutions have kits to help consumers switch.
In the second segment, Willis asked the question, "What's the best card for a first-timer" trying to build a credit history? Greg McBride, Bankrate.com senior financial analyst, answered the question: Stay away from a card with high front-end fees and exorbitant interest rates, look for a secured card, and "remember to check with your credit union to see what they may offer."
Willis agreed. "Yes, because they'll give you great terms. It's always a great way to build credit too, to get a credit card."
For the transcript, use the link.
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