20 February 2007

Credit Unions Offer Better Rates - Most Can Join!

The Courier News out of Chicago recently wrote a story about the evolution of credit unions. While I should spend a second debating the included statement "credit unions can offer these [more favorable] rates because Congress exempted them from federal income taxes" (the truth is, we offer better rates because that's what we are in the business of doing - our members are our owners), the article was very pro-credit union. Specifically, the story maintains that "if you haven't been able to join a credit union before, you might be now". The truth of the matter is most Americans can (and should) join a credit union. The story's research states that credit union members earned .70% more on money market accounts and 1.4% on new car loans last year as compared to bank customers(a Datatrac study is cited). We have all seen similar studies with similar results, but the quick and dirty of it is - join a credit union. With all of that money to save, what are you waiting for?



Brian Smith said...

For any readers whom are members of Vancity Credit Union, if you would like to share any of these or other thoughts about Vancity Credit Union (given that we are in the midst of the annual Board elections) please visit http://videosonvancity.ning.com and consider voting for me http://electbriansmith.blogpsot.com


Matt, the Credit Union Warrior said...

Democratically-elected Boards of Directors...I don't know a thing about you, Brian, but the concept that your post brings up is an important aspect of the Credit Union Difference: one member, one vote. Good luck with the election!

CU Communicator said...

Matt -

Great point about the tax exemption not being the primary reason we offer such a great value to consumers! Keep up the good work!