CHICAGO (2/28/12)--Options, including credit unions, abound for consumers with different banking needs, according to syndicated personal finance columnist Elliot Raphaelson, a retired Chase Bank vice president and author of two books on fiancial and retirement planning.
"Fortunately, we have many more options than we did even a few years ago, thanks to such innovations as online banking," he says in his "The Savings Game" column (Wisconsin State Journal Feb. 26).
While most of the options listed are banks, Raphaelson devotes three paragraphs to credit unions in his column. He notes that "credit unions generally offer lower fees, lower loan rates, and higher interest rates on deposits than the competition. They are able to do this because, as nonprofits, they have a tax advantage over banks. Some credit unions provide various services by volunteers, which also gives them a competitive advantage."
"Although some credit unions have restrictions regarding membership, in most areas you will be able to find a credit union to join," he writes, noting that several years ago when he bought a new car, "I used a local credit union that offered the best rate."
He advises readers to go to the Credit Union National Association (CUNA) and points readers to CUNA's website.
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