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ICNNI tells why CUs are better
WASHINGTON (12/30/09)--CNN Tuesday explained some of the reasons why consumers feel as though they’re “getting a better shake” by choosing credit unions over banks. “Had it with your bank this year? It’s time to start fresh,” said CNN, in a recent story, “Credit Unions Duke it Out With Banks.” CNN carried both a print and video version of the story. Gerri Willis, CNN personal finance editor and host of “Your Bottom Line,” a show dedicated to saving money, noted that fees are lower at credit unions and rates are more attractive. Savings rates at credit unions are 0.41%, compared with 0.29% at banks. A one-year share certificate at credit unions yields 1.45% in interest, while a certificate of deposit at a bank yields about 1.15%. Credit union credit cards are also a bargain, she said. “You might as well go with people who are willing to pay you,” Willis added. She noted a Pew Charitable Trusts study that indicated that interest rates on credit cards from credit unions are 20% lower than those at banks. Credit unions’ penalty annual percentage rate is 18% on average compared with 29% at banks. “People feel like they’re getting a better shake at credit unions, because credit unions serve their members,” Willis said. She suggested viewers visit the Credit Union National Association’s CU Locator to find a credit union. To view the video and print versions of the story, use the links.
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