Wednesday, April 13, 2011 11:59:00 AM
A Tuesday article on FOXBusiness.com touts the credit union advantage when it comes to checking accounts. The article "Try Credit Unions for Best Checking Rates" features comments from CUNA Vice President Mike Schenk, who points out that Credit union interest checking accounts routinely beat other types of accounts, including those from banks, when it comes to offering higher interest rates.
"On average, there's about a 15-basis-point advantage with credit unions," Schenk says. When the economy improves, he expects the advantage to increase.
"Credit unions are not for profit. They're owned by their member depositors, so any profits go back to those members," he says.
The article goes on to point out five common ways consumers can qualify for credit union checking accounts that earn high annual percentage yields, or APY: regularly use a debit card, accept electronic statements, sign up for direct deposit, deposit up to the maximum amount, and don't forget membership.
As for credit union membership, Schenk says it's relatively easy for a depositor to find a local credit union. He points readers to http://www.creditunion.coop/, CUNA's Web page that allows consumers to enter their zip code to find a nearby credit union.
The article can found at http://www.foxbusiness.com/personal-finance/2011/04/12/try-credit-unions-best-checking-rates/.