MADISON, Wis. (1/27/12)--A Jan. 26 U.S. News & World Report
article praises credit unions for supporting community development.
"In addition to providing excellent customer service, many credit unions give back to their local communities in a variety of creative and generous ways," wrote reporter Tim Chen in the article, headlined "How Credit Unions Support Community Development."
Among the "amazing" ways credit unions support their communities listed by Chen:
No-fee checking and savings accounts. While some banks require a minimum balance to avoid fees, many credit unions offer no fee-checking without any requirements, and high-yielding savings accounts.
Financial literacy training. Credit unions offer classes, free credit counseling online courses and reading material on personal finance.
Microloans for personal businesses. Credit unions make smaller loans to both individuals and businesses that banks won't typically offer.
Low annual percentage rate credit cards. "Credit union cards generally have lower [annual percentage rates] and fees, which make them a great resource for people looking to build credit," Chen wrote.
Grants and scholarships. Chen cited Alliant CU in Chicago and Freedom First FCU in Salem, Va., as credit unions that give back to their local communities through scholarships and grants.
School and university outreach. The article noted that Alternatives FCU in Ithaca, N.Y., runs nine student credit unions in local elementary schools. Generations FCU, San Antonio, offers No Suckers Here, a program that helps students understand basic financial concepts.
To read the article, use the link.