Wisconsin CU League News Release - 10/19/11

 

Consumers fed up with high bank fees have an alternative: credit unions
Big consumer savings is something to celebrate during International Credit Union Month & ICU Day on Oct. 20

Additional resources   View PDF of release   View press release archive   Media contacts   Christine Henzig Director of Communications (262)549-0200, Ext. 6019 chenzig@theleague.coop

Pewaukee, Wis. – Consumers fed up with recent news about escalating bank fees have an alternative: credit unions. And as credit unions celebrate International Credit Union Month in October, it’s a good time to remember that by using a credit union for their financial services, Wisconsin consumers can:

 

• Still receive free checking. The great majority of credit unions report that this remains true for their checking-related services. Plus, credit unions’ average returned check fee is less than banks.

 

• Save $174 per year per household on service fees. Those who use a credit union extensively receive total financial benefits much greater than this.

 

• Save $1,020 in interest to finance a new car compared to using a bank. This is based on a $25,000 vehicle with funds borrowed for five years, with a savings of $204 per year in interest.

 

• Save $15 compared to banks on a late payment fee on a credit card. That’s in addition to enjoying an interest rate that’s just under a percent lower than banks for a typical “gold” card.

 

• Access 28,000 ATMs – the largest ATM network in the country - at no cost. Consumers with participating credit unions can find free ATMs that are part of credit unions’ CO-OP Network by going online or using their smart phones.

 

• Make transactions at 4,400 branches – the nation’s fourth largest branch network – called CU Service Centers. This convenience is almost unrivaled by other financial institutions. Whether making a loan payment or withdrawing or depositing cash or checks, consumers can visit any physical location in the CU Service Center network and use it as if it were their own.
  
  

“Wisconsin credit unions return more than $200 million annually to the 2.2 million people who use them via higher rates on savings deposits, lower rates on loans and lower and fewer fees,” said Brett Thompson, President & CEO of The Wisconsin Credit Union League. “This is a great reason to celebrate International Credit Union Month in October and ICU Day Oct. 20.”

“Credit unions are for people, not profits,” Thompson added. “Anyone in Wisconsin can use a credit union, so I’d urge anyone wanting to realize these savings to find one by visiting www.asmarterchoice.org.”

Learn more about the value credit unions deliver at www.theleague.coop/scorecard and www.theleague.coop/forareason.

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