Oct. 9, 2012 – An Oct. 8 report on CBS This Morning touting the benefits of credit union membership is just one example of credit union-focused media coverage that echoes key points from a NAFCU press release.
The 5 minute segment, “Five things you need to know about credit unions,” comes on the heels of an Oct. 4 news release (“NAFCU Offers 5 Reasons Credit Unions Are Better Than Banks”) distributed nationally by NAFCU’s communications team. CBS Money Watch Executive Editor Jack Otter explains that “there’s a lot of reasons” why a consumer should opt for a credit union over a traditional bank. “The main ones are cost,” he says. “In terms of what they pay you, you can do better on your savings account or CD – you get higher rates.”
Otter also notes that credit union members typically pay less on mortgage and auto loans, pay lower fees, have plenty of ATM options, and have the same peace of mind about their money being backed by the federal government up to $250,000 as bank customers do.
During the segment, Otter encouraged viewers to use CULookup.com, NAFCU's credit union locator site, to find a credit union near them. He also cited NAFCU-member PenFed as an example of a credit union that is easy to join.
The NAFCU press release also resulted in an Oct. 5 article in the digital publication The Street. In “5 Ways Credit Unions Steal the Edge from Banks,” author Brian O’Connell encourages readers to “take a closer look” at their banking options to determine what type of financial institution would work best for them.
In drawing a contrast between credit unions and banks, O’Connell cites five advantages that NAFCU noted in its release: an opportunity to be a member-owner, rather than just a customer; the ease of becoming a credit union member; low balance requirements and low fees; more attractive interest rates; and convenience via shared-branch networks.
The article, which also notes that consumers can compare bank and credit union interest rates at CULookup.com, concludes that the message credit unions are communicating is “nimbler is better.”
NAFCU was also cited in a Sept. 28 Bankrate.com article, “Sick of rising bank fees? Go small.” The article, written by Claes Bell, notes that credit unions are “much cheaper” for consumers than large banks. Bell cites data from NAFCU’s commissioned study on the tax exemption, which found that "interest rates on savings, money market, interest checking, and CDs were 25.5 percent higher at credit unions."