MADISON, Wis. (1/8/14)--A Jan. 7 U.S. News & World Report article put a national media spotlight on the many benefits credit union membership offers American consumers.
The article also provided answers to common questions about credit unions, and described how credit unions differ from banks in structure and purpose.
"Customers frustrated with bank fees might want to consider their options, including switching their money over to a credit union," opens the article, headlined "The Benefits of Joining a Credit Union." "According to the Credit Union National Association, more than 96 million Americans use credit unions, which generally offer higher savings rates and lower fees than traditional banks."
The article explains that credit unions are owned by members rather than shareholders. Although the average credit union is smaller ($149 million in assets) than the average bank ($2.2 billion in assets), most credit unions still provide a full menu of financial services--and most Americans are eligible to join a credit union.
On average, credit unions offer lower rates on loans and higher rates on savings accounts, and credit union deposits are insured by the federal National Credit Union Administration, which provides the same protections that the Federal Deposit Insurance Corporation, the article said.
Also, credit unions pride themselves on being a source of financial information for their members, the article noted. "Many offer seminars and information on topics such as preventing identity theft and managing credit cards," the article said. "More information on any of these topics can be found at the NCUA website or by contacting a local credit union."
To read the full article, use the link.