BROOKLYN, N.Y. (2/8/16)--Just about everywhere you turn on the Internet, you can find consumer finance websites that support the importance of credit unions in the financial services market. The latest is MyBankTracker.com, which also cited Credit Union National Association (CUNA) data.
In 2015, CUNA numbers reported a 3.1% increase in memberships, bringing the total to more than 103 million, MyBankTracker noted. “Broader eligibility requirements and greater awareness are reasons for the growth in credit unions,” CUNA Chief Policy Officer Bill Hampel was quoted as saying.
As compelling as the better savings rates, lower loan rates and few or no fees are, the article included two personal stories that emphasized the credit union difference.
Peter Bell, a longtime member of Digital FCU (DCU), Marlborough, Mass., decided that he would stick with his credit union even after he moved to New York because he couldn’t find a bank that matched DCU’s benefits.
“With direct deposit of my paycheck and free access to local ATMs for both withdrawals and deposits, there was really no reason to make a change,” Bell told MyBankTracker. “Any type of loan can be taken out from the comfort of your own home, and once when I refinanced my mortgage, DCU sent a notary right to my house.”
That type of personal service also assuaged Ron Brown’s anxiety. Brown is a member of Akron, Ohio-based BFG FCU, which accommodated a payment plan for his auto loan. “At a regular bank a loan has to be paid every month and any extra money is taken off the back of the loan,” Brown said. “Or you can put it in a 1% saving account while you are paying 6% on your loan. BFG took the payments off the front so the months I was working I made double payments. If I got laid off I would not have to make another payment for months.”