Alpha Consumer

Audio: the Benefits of Credit Unions

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Posted: October 28, 2008

LISTEN NOW: The Benefits of Credit Unions

Over the weekend, I spoke with WTOP about the benefits of credit unions. Because they're owned by their members, they often offer lower fees, lower interest rates on loans, and higher rates of returns on savings. Many people assume they're unable to join but are, in fact, eligible through their cities, workplaces, or religious communities. (To find a credit union near you, you can check out NCUA, Find a Credit Union, or the Credit Union National Association.) Another benefit: Credit union accounts, just like FDIC-insured bank accounts, are insured up to $250,000.

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They are small banks

That accept your job as your security.
And they employ people that do not work where you do necessarily.
And that is all good.
But as they grow, they often become part of larger groups of credit unions and lose a lot of that localness.
Yes, Stephen Colbert, you can borrow that new word: localness.
But they are as good as their membership.
If members act irresponsibly, they cost their fellow workers.
As long as all members play by the rules, they are a great vehicle for establishing credit for people--especially young--that would have a hard time doing so without them.

HillbillyBill of TN @ Oct 29, 2008 08:02:14 AM

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