MADISON, Wis. (3/21/13)--Credit unions' value was noted in brief pieces this week by National Public Radio, Kiplinger and Lifehacker.
In a National Public Radio, a two-minute Marketplace "Money Matters" segment Wednesday, Paddy Hirsch, Marketplace senior producer, personal finance, answered questions about why people would chose a credit union over a bank.
"You might choose a credit union because you like free checking, because 72% of credit unions offer it, whereas banks tend not to these days," Hirsch said. Credit unions also offer better rates on loans and better interest rates on savings accounts, he added.
People are moving toward credit unions since the financial crisis, and credit unions "have stepped up their game online," with 85% of credit union online users saying they like their services, compared with 66% for bank online users, Hirsch said.
In a question-and-answer column asking whether credit unions have deposit insurance, Kiplinger.com responded Tuesday in a segment: "Deposits in most credit unions are covered by the National Credit Union Share Insurance Fund (NCUSIF), rather than by the Federal Deposit Insurance Corporation. The coverage is similar, and the limits are the same as for the FDIC: The fund covers up to $250,000 for all of your individual accounts combined at each credit union, up to $250,000 for each person's share of their joint accounts at each credit union, and up to $250,000 for all of their retirement accounts, such as IRAs, per credit union."
For people looking for auto loans, lifehacker.com, in a brief article Wednesday, advised consumers to check out credit unions.
"You may already know to check with your credit union for financing on that new car, since their interest rates are likely lower than anything a bank or (heaven forbid) an auto dealer will offer you," lifehacker said. "However, credit unions also offer car buying and discount programs through selected auto dealerships that can cut hundreds--sometimes thousands--off of the sticker price of the car you want."
To hear or view the segments and articles, use the links.