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CUs all over ICBS NewsI this weekend
NEW YORK (3/2/10)--Credit unions were featured in two stories on CBS News Sunday Morning last weekend, plus one on CBS Evening News with Katie Couric. One story highlighted the Move Your Money initiative, and another featured financial guru Suze Orman, who encouraged consumers to move their credit card accounts to credit unions. “Move Your Money” encourages consumers to move their accounts from large banks to smaller financial institutions such as credit unions. “Move Your Money,” launched by the Huffington Post, has received significant media attention and has noted credit unions as good alternatives to traditional banks. Orman encouraged viewers to find a good credit union near them. “Do you know by law federally chartered credit unions cannot charge you more than 18% interest rate?” Orman asked. “Get yourself a credit card at a credit union.” Credit unions offer an alternative to traditional banks and typically offer better rates than banks, CBS Evening News said. It mentioned First Community CU, Kalamazoo, Mich., which offers rates as low as 8% on credit cards. News Now reported last week that Ondine Irving, a bank adviser, told CBS that credit unions can offer cards without the high fees that banks charge, and still make a profit. “If credit unions can do it, banks should be able to as well. They are just choosing not to,” she said. The Costco Connection, a magazine for customers of wholesale retailer Costco, also featured Orman in its March 2010 issue. “Forget banks,” she told the magazine. “I prefer credit unions; their interest rates and fees tend to be a lot lower than what banks charge.” For more information, use the links.
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