Why credit unions rock, why big banks don’t
January 20, 2012 | Alliant Credit Union
Ever since the start of the current recession, big banks have produced big headaches - initially by receiving bailouts from the government and now by threatening to assess their customers with a flurry of hefty new fees. In response, financial experts and others have recommended credit unions as a smart alternative.
"The average consumer does much better at a credit union than at a bank," says Ed Mierzwinski, consumer program director for the U.S. Public Interest Research Group. "Credit unions have lower requirements for waiving fees, offer better deals on car loans and are generally more flexible in responding to customers' problems."
Meanwhile personal finance guru Suze Orman has blasted banks for their fees and loan interest hikes. "Do you feel as though the less in-person contact you have with your bank, the more costly it is becoming to keep your money there? If so, you're right: Banks are saddling customers with more monthly fees than ever, and this trend is only on the rise." She notes that an April 2011 National Interest Research Group study shows the average customer nationwide pays "a cool $190" a year on checking account charges. "Here's the answer," she says, "credit unions."
Sources: creditinfocenter.com, bankrate.com, suzeorman.com, walletpop.com and AAR
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