CHICAGO (11/4/08)--The Chicago Tribune
Sunday suggested credit unions as an alternative to banks, especially when it comes to obtaining a loan. Credit unions experienced record lending volume this year, Jay Johnson, executive vice president of Callahan & Associates, told the newspaper. Credit unions experienced a 40% increase in first-mortgage lending compared with last year, while the overall market was down 17%. Credit unions also added 450,000 new members from March to June, Johnson told the newspaper. The Tribune
also noted that credit unions:
* Provide lower fees than traditional banks, from ATM to overdrafts; * Offer better rates on certificates of deposit--3.06%, compared with banks’ 2.67% on average; * Take an individual’s character into consideration when lending, and offer payday alternative loans at lower rates than other payday lenders; and * Have federally insured deposits, up to $250,000 per depositor.