WASHINGTON (10/25/11)--Credit Union National Association (CUNA) President/CEO Bill Cheney in a Los Angeles radio interview this past weekend underscored the value and service credit unions provide today's consumers, encouraged potential credit union members to examine their own financial options, and suggested they search for local credit union options on aSmarterchoice.org, CUNA's site that helps consumers find a credit union they are eligible to join.
The CUNA CEO appeared on The Credit Line
, which airs on Los Angeles' KFWB 980 AM. The Credit Line
is a weekly call-in show hosted by Credit.com chairman Adam Levin and L.A.-based radio personality Jeff Levy.
Asked about the approach of Bank Transfer Day (Nov. 5), Cheney urged listeners not to wait until then, and to start making the move to a credit union now. New members will find credit union pricing is better, and they will be treated differently than they have been at banks, Cheney said. Bank Transfer Day, started by a 27-year-old artist in California, is urging consumers to switch from big banks to credit unions on Nov. 5. So far more than 400,000 people have been made aware of Bank Transfer Day through Facebook, and Bank Transfer Day has also received widespread media coverage.
Cheney also covered many of the basics of credit union structure, services and products, saying that credit unions can focus purely on their members, "and members have a say in how the credit union is managed." Loan rates and fees are often lower at credit unions, with credit union credit card rates averaging 2 percentage points below the rates charged by banks, Cheney added.
Although there aren't any credit unions that are the size of Bank of America, the shared credit union ATM network means credit union members can access their accounts, free of charge, from a greater number of ATMs, Cheney said. The CO-OP Network, he noted, has more than 28,000 surcharge-free ATMs.