Experts Agree: Credit Unions Beat Banks
NEW YORK (1/13/10)-It's time to say goodbye to banks, according to CBS Moneywatch.com, which touted credit union's lower fees and better rates. Also on CNN, financial guru Suze Orman encouraged consumers to obtain credit cards from credit unions.
Steve Brobeck, executive director of the Consumer Federation of America, told CBS that "credit unions charge lower fees and loan rates than banks and pay higher savings yields." The article said credit unions pay 0.30% more on share certificates than banks do on certificates of deposit.
In other news, Orman told CNN's Campbell Brown that she is upset because banks continue to reap profits while charging consumers high fees and interest rates. Orman advised consumers to find a good credit union credit card-"Credit unions care about their members; banks care about their shareholders."
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Copyright © 2010-Credit Union National Association, Inc. Reprinted with permission from Credit Union National Association.