Ditch That Bank

Here’s another one in the “don’t take our word for it”: a recent article in the Christian Science Monitor discusses the pros and cons of ditching your bank for a credit union.

The article, by NerdWallet blogger Melissa Lambarena, can be accessed here: csmonitor.com.

Lambarena offers up some interesting info on the history – and the pros and cons – of credit union membership.

She writes, “Credit unions focus on helping members succeed financially. They’re owned by members who vote and elect a volunteer board of directors.”

Lambarena helpfully offers some clarity on credit union terminology, and how it differs from terms familiar to bank customers:

“Here’s a little 101: “share draft accounts” are checking accounts, “share accounts” are savings accounts and “par value” is the minimum opening deposit.”

Overall, this is an interesting article, and well worth sharing around with friends and family.

Keep in mind, too, that The National Credit Union Administrations (NCUA) has just loosened some of the rules governing CU membership.  In the years ahead, many more Americans will be able to “ditch that bank” for a CU.

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