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CU System
iWSJi Credit unions a better value than banks
MADISON, Wis. (9/20/11)--An article in the Sunday edition of The Wall Street Journal touted credit unions as a more affordable option than banks. “Credit unions are able to beat banks across the board because they're nonprofit and owned by members, so they have an incentive to offer the best deals possible,” says Greg McBride, senior financial analyst at Bankrate.com,” according to the article, which appeared with the headline “Credit Unions: a Cheaper Banking Option.” The Wall Street Journal Sunday pages appear in at least 75 regional and local newspapers, which combined have a broader circulation than even the weekday edition. The story also was posted on The Wall Street Journal's web site. The feature included a bar chart of the various services credit unions offer, drawing on data from the Credit Union National Association and the National Credit Union Administration.
This chart appeared in the Sept. 18 Sunday page of The Wall Street Journal, as well as on the Journal's website.
About three out of four credit unions still offer accounts with no monthly service fees, the article said. Also, out-of-network ATM fees and overdraft fees are lower at credit unions on average. Credit unions charge members an average 99 cents for using an out-of-network ATM, compared with an average $1.41 for banks, Bankrate.com reported in the article. Credit unions also offer more attractive rates on certificates of deposits, credit cards and loans, Bankrate.com said. About 95% of credit unions offer auto loans, the article said, citing data from the Credit Union National Association. (See chart.) The article quoted CUNA Vice President of Communications Pat Keefe emphasizing that most people can find a credit union they’re eligible to join. The article advised consumers to look for local credit unions and find out about eligibility at aSmarterChoice.org, the new site developed by CUNA and the leagues to help consumers understand that credit unions are the best option for consumers conducting their financial business. The site also features the industry’s most comprehensive CU locator tool.
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