CUs can help ‘a new generation’ on path to prosperity

August 7, 2019

An Associated Press story on the benefits of credit unions has been picked up in dozens of publications around the country, highlighting ways credit unions can “help a new generation of adults on their path to prosperity.”

NerdWallet’s Gregory Karp outlines six reasons that millennials should look to credit unions when it comes to financial services.

CUNA Chief Economist Mike Schenk is quoted in the article, when the article discusses that credit unions might be more flexible when it comes to loan approvals.

“You’re more likely to find a loan officer who is willing to listen to your story and adjust those underwriting criteria to get you into a safe loan,” he said.

The six reasons are:

  • It’s not a bank, since credit unions have the same basic products and services as a bank, but consumers become members as opposed to simply customers;
  • The personal touch, as demonstrated by Consumer Reports noting that credit unions are among the highest-rated services it has evaluated, with 96% of members highly satisfied;
  • Superior rates, as credit unions don’t return money to shareholders, they turn profits into higher savings rates, lower loan rates and fewer and lower fees;
  • It’s easier to join than ever before, and the article links to to assist consumers in finding a credit union they are eligible to join;
  • ATMs and branch access, as many credit unions have banded together to offer nationwide access to ATMs and branches; and
  • Similar technology, as most credit unions offer online banking and bill pay, as well as mobile deposits.