Wisconsin CU League News Release - 07/07/09
Credit unions' credit card practices applauded in light of federal credit card reforms
Pewaukee, Wis. - An independent study by two
Harvard doctoral candidates found that credit unions offer credit cards
that not only have lower rates than banks, but also adhere to policies
that avoid gouging consumers.
“This study supports what we have always said,” Thompson says. “Wisconsin credit unions look out for the best interests of their 2.2 million member owners, not just protecting them from unnecessary costs for credit cards but also on savings, loans, checking accounts, ATMs and just about every other financial service working people use.”
“Credit union cards demonstrate that punishing fees are not an essential ingredient of profitable lending,” Bubb and Kaufman noted. They suggested any bank that tries to pad its bottom line with fees will see many customers flee to credit unions or other institutions that adopt credit union-like practices.
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Christine Henzig, Director of Communications at The Wisconsin Credit Union League, explains the results of an independent study which found that credit unions offer credit cards that not only have lower rates than banks, but also adhere to policies that avoid gouging consumers.
(Clips are available for download. Follow links below each embedded video.)
Clip #1 - A summary of news release
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