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CUs have chance to gain new members says econ editor
MINNEAPOLIS (7/21/09)--Credit unions have a unique opportunity to add members by giving them good service at low prices, said an economics editor for a national radio show in a column in Saturday’s Minneapolis Star Tribune. When asked what advantages a megabank has over a smaller local financial institution, Chris Farrell, economics editor for American Public Media’s Marketplace Money radio show, wrote that big banks’ behavior of increasing fees and penalties to bolster their “crumbling finances” has created an opportunity for competitors such as credit unions. “In many cases, community development banks and credit unions have low-fee and no-fee savings and checking accounts,” Farrell wrote. “And many of those local financial institutions now have excellent online services, too. “Management at community banks and credit unions has a once-in-a-lifetime opportunity to grab customers by giving them good service at a cheap price, by eliminating fees and refusing to impose unexpected charges. It always pays to shop around, but now more so than ever,” he concluded. To read the full column, use the link.
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