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NEW YORK (1/12/10)--The media kudos for credit unions continues this time with ABC’s Diane Sawyer Friday noting on ABC’s World News Tonight that many consumers are trading their financial institutions on Wall Street to the ones on Main Street. The ABC news piece, “Switch to CU, Avoid Bank Fees,” featured two consumers who switched from their big banks to smaller financial institutions. It also noted the “Move Your Money project,” which was created by Arianna Huffington, owner of The Huffington Post. The project encourages consumers to take their money out of big banks and move it to smaller financial institutions such as credit unions and community banks. “When big banks see real competition from the community banks and credit unions, they will change their behavior,” Huffington told ABC’s David Muir. The project’s Facebook group, “Move Your Money,” has nearly 20,000 fans. The “Move Your Money” campaign on YouTube also has received more than 300,000 views (Newsline Express Jan. 8). Credit Union National Association President/CEO Dan Mica also wrote a column for The Huffington Post, saying that credit unions are experiencing record membership growth and that “disenchantment” with banks may be part of the reason. His column generated many reader comments, many of them about the positive experiences consumers have had with credit unions. An editorial in The Brattleboro Reformer and an audio blog that aired on WKVT in Brattleboro, Vt., identified credit unions as good local options for consumers. In other news, The Washington Post Thursday recommended that homeowners looking to refinance a mortgage talk to several lenders--including a credit union. A blog, the Red, White and Blue Press also recommended (Jan. 11) that consumers seek credit unions instead of banks to improve their finances.
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