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Are CUs better than banks topic on Philly TV
PHILADELPHIA (3/18/09)--It is worthwhile for consumers to consider the advantages of being a member of a credit union versus being a bank depositor, a financial expert said on a Philadelphia Fox TV affiliate. Although credit unions are a “member-only type of organization,” they are community based, and there are many ways available for consumers to join them, Joe Murray of First Financial Group, said on Fox TV Station 29. “It’s a totally different experience being a member of a credit union versus being a depositor at a bank,” Murray said. Murray compared rates of loan increases in 2008, loan delinquencies, certificates of deposit and home equity loans of credit unions and banks, showing the advantage credit unions have. Because credit unions keep their loans in their community and know the people to whom they are lending, credit unions experience fewer loan delinquencies than banks, he explained. “Because credit unions are nonprofit, they can give more money back to depositors instead of paying money out in taxes like banks do,” Murray said. “Credit unions are not a bad place to take a look; they do a lot of good things for their members.” “They watch their dollars carefully; they’re very good,” he concluded. To view the TV segment, use the link.
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