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News Now

CU System
CUs Garner More Good Media Coverage In NY Times, NerdWallet, Go Banking
NEW YORK (3/27/13)--Credit unions garnered press coverage Monday from several national media outlets, including The New York Times, Nerd Wallet and Go Banking. They all pointed to the benefits and value of credit unions.

A New York Times blog post Monday picked up on a widely circulated Bankrate.com survey released last week. Nearly three-quarters of credit unions surveyed nationwide offer free checking accounts with no strings attached, compared with fewer than half of U.S. banks--39%, it reported.

News Now reported on the Bankrate survey March19 and March 21. The survey was covered by several other media outlets.

The Times noted that the survey of the 50 biggest credit unions--based on total deposits--indicated 36 out of the 50 offered free checking; half did not require a minimum deposit; and none had a minimum opening deposit requirement of more than $100. Free checking availability at banks has "plummeted" since 2010, while only modestly declining at credit unions, according to the Bankrate survey.

NerdWallet Monday compiled a list of the top 10 best cities for consumer banking, and in seven of the cities listed, a credit union was mentioned as being a financial institution that served consumers well in some way. Cincinnati was listed as the best city for consumer banking.

Credit unions mentioned were:

  • Pittsburgh Central FCU for being among the best local options for free checking accounts;
  • University of Wisconsin CU in Madison, Wis., as an institution dedicated to serving a highly educated population in a big college town;
  • TTCU CU in Tulsa Okla., singled out for offering members an annual percentage yield (APY) of 0.35% on basic savings accounts;
  • Energen CU in Birmingham, Ala., for helping lead the high-yield environment with a saving account rate (or dividend) of 0.75% APY;
  • FedChoice FCU in Washington, D.C., as a good local financial institution  option;
  • Buffalo (N.Y.) Community FCU for being a good consumer option for financial institutions operating within that city; and
  • Orlando FCU as a good locally based option for  Floridians' financial needs.
GoBankingRates.com Monday mentioned 10 credit unions with great perks and service, and which anyone can join.

They are:

  • CommunityWide CU, South Bend, Ind.;
  • GTE Financial CU, Tampa;
  • Self-Help CU, Durham, N.C.;
  • NuVision FCU, Huntington Beach, Calif.;  
  • America's CU, Garland, Texas;
  • State Department FCU, Alexandria, Va.;
  • Alliant CU, Dubuque, Iowa;
  • Pentagon FCU, Alexandria, Va.;
  • NASA FCU, Upper Marlboro, Md.; and
  • Consumers CU, Round Lake Beach, Ill.
To read the articles, use the links.
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