Another Objective Credit Unions vs Banks Article

Those of us who are part of the credit union movement like to spend time telling friends, colleagues and family about the virtues of CUs. They listen politely, but consider us to be biased sources of information, (we are).

So, it’s always nice to share credit union information that comes from an objective source.

Last week, an article ran in the Starkville News of Mississippi that compared CUs to banks.

The writer did a good job of comparing and contrasting these two big financial services options.

Here are some excerpts:

  • “Credit unions do not have to pay dividends to outside stockholders…they are not-for-profit”
  • “Credit unions try hard to find a way for any potential customer to join, but it’s not always possible.”
  • “Call a credit union and you’ll probably reach a human; call a bank and expect to enter the voicemail labyrinth”
  • “To sum up, credit unions offer lower rates on loans, higher rates on savings, more rewards and freebies, and superior customer service.”

Banks won on some of the points – and we CU people might have a quibble or two with some of the arguments used – but it’s this type of objectivity that people seek when they’re evaluating their options.

In fact, CUs won on the points that increasingly matter to people, such as personal service.

So, if you know someone that’s “CU curious,” go ahead and send them this piece. You’ll find it HERE.

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