Oct. 15, 2012 – NAFCU President and CEO Fred Becker took to the virtual pages of The Huffington Post Friday to tout the consumer-friendly cost advantages that credit unions offer over other types of financial institutions.
In a blog post for the site, Becker noted that over 1.3 million people became credit union members last year. The advantages of credit union membership are many, Becker said, and they include:
- higher satisfaction for products and services –– on this point, Becker noted that the American Customer Satisfaction Index, which gauges consumers' evaluations of products and services, currently awards credit unions the highest score it has ever measured;
- low interest rates on credit cards –– Becker cites SNL Financial data showing that credit unions, on average, beat banks and thrifts by almost 200 basis points;
- low minimum balance requirements; and
- free checking accounts –– while the vast majority of credit unions offer this service, many banks no longer do.
Becker also invites readers to do some comparison shopping between banks and credit unions at www.culookup.com/CompareCURates.
In addition to cost savings, credit unions offer consumers ownership in their financial institution; an easy way to join; and plenty of convenience, he wrote. “Clearly, credit unions ARE the best option for consumers,” Becker concludes. “If you haven't considered joining a credit union, what are you waiting for?”