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News Now

CU System
AmTraks magazine touts CUs as banking option
WASHINGTON (5/26/11)--Credit unions were touted as an alternative to banks in an article in the May/June issue of Arrive magazine, Amtrak’s bimonthly publication, which Amtrak said has more than 1.4 million readers. The article, in the personal finance section of the magazine and titled “Banking Without a Bank,” contrasts the member-owned nonprofit structure of credit unions with the profit-driven shareholder-owned structure of banks. “Our goal is to maximize benefits of our depositors, from lower fees to higher interest rates on savings,” Bill Cheney, president/CEO of the Credit Union National Association (CUNA), told the magazine. When banks “walked away from customers” during the financial crisis, Cheney added, credit unions loaned $6 billion during that two-year period “and it didn’t cost taxpayers anything.” Credit unions annually save each member $80 in fees and loan interest, according to CUNA research, the magazine noted.


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