Wisconsin CU League News Release - 08/10/09
Wisconsin credit unions see membership, savings phenomenon described by Kiplinger’s
Better pricing and service fuels consumers’ move to not-for-profit credit unions for financial services
Pewaukee, Wis. -
“Big banks want your money, too, but they’re turning customers off with higher fees and tighter lending – not to mention stress tests and troubled assets,” Kiplinger’s said. “They continue to raise fees, even as the grab for business intensifies and consumers are more cost-conscious.”
The magazine touts credit unions' lower fees by citing statistics
from the Credit Union National Association that reveal the difference
between what credit unions and banks charge for services. On average,
for example, credit unions charge $25 for overdrafts while banks charge
$30. Credit unions charge $20 for a late credit card payment while
banks’ fee is $35. The publication also cited credit unions’
typically lower rates for auto loans.
“Consumers are fed up,” says Brett Thompson, President & CEO of The Wisconsin Credit Union League. “Even people with good credit feel they’re being punished by banks looking to boost profits, especially prior to new federal credit card rules being implemented. They’re not waiting. They’re seeking refuge now.”
“Because credit unions are owned by the members who do business
with them, not shareholders, consumers are realizing they’re going
to get a better deal because of that. We think as more consumers
discover the financial benefits of this difference in institutions the
trend will only intensify,” Thompson adds.
(Clips are available for download. Follow links below each embedded video.)
Clip #1 - Chris Henzig, Director of Communications at the Wisconsin Credit Union League, cites Kiplinger's article on why more people are flocking to credit unions.
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