NEW YORK (5/8/13)--Credit unions' growth continues as "fee-weary consumers" look for alternatives to high bank fees, said the New York Daily News, in an article Monday,
"As fee-weary consumers continue to wake up to credit unions, these alternatives to commercial banks are showing no signs of slowing down," said the Daily News.
The article notes that Brian and Carrie Packin, who own an upscale cocktail lounge midtown, pulled their money out of a savings account at a commercial bank and opened a checking account at the McGraw Hill FCU, which has a branch in their building in New York City. Now, their account earns 0.6% instead of the bank's 0.1%. They also won't be paying ATM surcharges.
Last year was the best year to date for credit unions, which added two million members, the article pointed out.
For example, New York-based Municipal CU added 11,000 members, bringing its total membership to 350,000, and its assets grew to $1.8 billion from $135 million. Members prefer to do business with MCU because they trust it to keep their money safe and secure and the credit union treats them like members, MCU told the newspaper.
The Credit Union National Association provided background information for the article. The article also cited a recent Bankrate poll that compared rates between credit unions and banks on six areas. The credit unions' rates were better in five of the six.
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