Newsroom

NAFCU President and CEO Fred Becker told "The Color of Money" columnist Michelle Singletary this week that credit unions should be the first consideration for consumers seeking value and convenience from their financial institution.

Singletary, in a column posted online Tuesday and included in the Sept. 5 print edition of The Washington Post, invites readers to consider a "banking checkup." She discusses factors consumers should consider when selecting an institution and recommends use of an FDIC "self-test" to determine how best to handle one's banking needs at any institution, "including a credit union."

Becker, in his reply, puts credit unions in the lead, noting credit unions "should be considered by consumers as a top choice for their banking needs."

Singletary notes the convenience some seek through remote deposit and mobile banking services, and Becker, in his online reply, points out that many credit unions provide these services and more. "Credit unions are also very convenient, with access to shared branching and thousands of ATMs, rivaling the convenience of large banks," Becker wrote. "A number of credit unions even have switch kits, making the transition from a bank to a credit union more convenient."

He adds, "With many consumers frustrated by banks' lack of adequate customer service and fees that keep adding up, credit unions are being recognized as the ‘choice of the day'" and gives the link to CULookup.com.

Becker also submitted a letter to the editor.