NEW YORK (7/7/15)--Personal finance website MoneyTalksNews recently examined the growing preference by consumers for credit unions over banks in a recent article and video, and discussed how to determine which credit union best fits a consumer’s needs.
“Lots of people like credit unions better than banks. Who can blame them?” said Stacy Johnson, MoneyTalks CEO. “Because they’re not-for-profit, credit unions often have lower rates on loans and credit cards, higher rates on savings and fewer fees for things like checking.”
Consumers also enjoy the friendlier service, Johnson said.
“I enjoy the small personal touch that they give,” credit union member Ron Lau told Money Talks. “They’re a lot easier to manage than the big banks, because (with banks) you don’t know where your fees are coming from. You’re just a number to them.”
When picking a credit union to join, Johnson says consumers should ask themselves several questions, including: