Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
ICNN MoneyI CUs are best borrowing alternative
NEW YORK (1/17/12)--Credit unions are the best borrowing alternative for consumers who are fed up with big U.S. banks, according to a Friday CNNMoney article.

Although they offer similar services to banks, credit unions are not held captive by the bottom lines of their balance sheets or shareholders, the article said.

That structure usually allows credit unions to provide more favorable terms for borrowers, Bankrate.com's Greg McBride told CNNMoney.

The average five-year new-car loan is 3.5% at credit unions versus 4.9% at banks, according to Informa Research Services, a CUNA Strategic Service provider quoted in the article.

For home equity lines of credit, credit unions offer a 4.4% interest rate, and banks 4.7%, on average, said CNNMoney.

Although fixed-rate mortgages are roughly the same at credit unions and banks, consumers likely will save hundreds in fees and have more direct access to decision-makers at a credit union, the publication said.

To read the article, use the link.
Other Resources

RSS print
News Now LiveWire
Breaking at #NewsNow: Matz to request revised RBC proposal, new comment period http://t.co/eLtYmzXRWn
10 hours ago
#NewsNow: Oct. 22 webinar will explore role of CDFI #creditunions. http://t.co/op1GV4mrYM
13 hours ago
CFPB announces $10M fine,$27.5M restitution v. Mich.-based Flagstar Bank for allegedly illegally blocking borrowers’ attempts to save homes.
14 hours ago
#NewsNow: Proposed MLA changes could restrict CU payday alternative loans. http://t.co/eKqtyMHD0P
14 hours ago
44 #creditunion professionals earn Development Educators designation #NewsNow http://t.co/GG551ofq31
15 hours ago