NEW YORK (12/30/13)--Add Kiplinger.com to the growing list of consumer finance publications noting the benefits of credit unions to their members.
In its "Basics of Money" column, "How to Size Up Credit Unions," Kiplinger.com points out benefits of credit unions in terms of costs to the consumer, services, and safety of deposits guaranteed by the National Credit Union Share Insurance Fund.
"Unlike banks, credit unions are nonprofit organizations. Unconcerned with making a profit, they can often pay more interest on accounts and charge less in fees," said the column. "They offer a distinct advantage for interest-earning checking accounts, which they call share-draft accounts, because they pay more interest on average and most impose no minimum-balance requirements."
The column also points out that although credit unions don't have extensive branch networks, "many belong to a surcharge-free ATM network so you have access to thousands of fee-free ATMs."
It notes that "credit unions usually offer the best deal available" on loan rates, account fees and credit card balances.
"If you are eligible to join a credit union, you should certainly compare what it has to offer with what's being offered elsewhere," the publication suggests.
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