Monday, January 24, 2011 11:55:00 AM
WASHINGTON - CUNA President/CEO Bill Cheney advocated for both credit unions and consumers in a story on where to find low-cost checking carried by The Chicago Tribune (Jan. 21).
Several megabanks are eliminating unrestricted free checking accounts, the article points out, but that doesn't mean you should resign yourself to paying monthly "maintenance" fees.
One way that consumers can get ahead, as detailed in the Tribune story, is by joining a credit union. Cheney emphasized that "We like to say, 'anybody can join a credit union, just not the same one.'" The article points consumers to the sites findacreditunion.com and credtiunion.coop to find a credit union they can join.
Banks are obligated to make as much money as they can for shareholders, while credit unions are beholden only to their customers, Cheney said. While many banks are threatening new charges for consumer checking accounts, Cheney noted that 80% of credit unions currently offer free checking, with no minimum balances.
The level of service and accessibility for both large and smaller credit unions is on par with the rest of the modern banking system, Cheney added.
Cheney also advocated for CUs and consumers in a column on debit interchange published in the online news source The Huffington Post (Jan. 20).
The complete article and editorial are available at:
Huffington Post editorial: http://www.huffingtonpost.com/bill-cheney/new-interchange-rules-for_b_811091.html
Chicago Tribune story: http://www.chicagotribune.com/news/sc-cons-0120-karp-20110121,0,81244.story