Sick of your bank? Switch to a credit union, suggests online financial expert.

My Dad alerted me to this article today on MSN Money.

It’s good to see someone besides a credit union professional educating people about credit unions. According to the website, the author Liz Pulliam Weston is “The Web’s No. 1 Personal Finance Columnist”.

Overall, the article is good. It’s a basic overview of how credit unions are different from banks, complete with an interest rate comparison grid. One section of the article directs you to a tool I’ve never heard of, called CU Matchup, which appears to not be working right now. If it was working, I’d assume it would help you find a credit union to join in your community. Hope it gets fixed soon.

There is also a link within the article that takes you to a message board where people can discuss their thoughts on credit unions vs. banks. It looks like the board was created back in October ‘06, but someone from MSN bumped the thread on July 11 and there have been quite a number of posts over the last several days. Very interesting reading and good insight into what non-industry folks think about credit unions and what they believe they can or can’t offer.

Also, read this glowing review someone posted of Denali Alaskan Federal Credit Union:

“I walk in, and a smiling employee behind a curved bank of flat screen monitors and keyboards greets me and makes sure I know what to do . . . use the keyboard to type in my name (or they will do it for me from their master station right there) and hit “enter”. Then a little number in the upper right hand corner will display the number of people waiting in the queue—If it now says “5”, for example, you are number five. The smiling employee invites you to have a seat, and some coffee if you want while you wait (cookies, too, on Fridays). You sit down either in a comfy chair and watch a nice flat screen usually tuned to CNN, or you grab a magazine off the rack or a paper from one of the little cafe tables and sit there and wait. If you have your kids with you, they can go over to the corner and find a toy to play with from the toy box or watch a cartoon video on the small TV provided. You can even check your e-mail at one of the three available workstations (limited to 20 minutes to be courteous to other members). When it is your turn, a teller comes into the waiting area and calls your name. When you acknowledge it, they introduce themselves and say, “I can help you right over here” as they lead you to their teller station.”

Good stuff. Makes me want to open an account there.

Terrell

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2 Responses

  1. Raymond says:

    I went to CU matchup the other day and could not believe VERITY Credit Union is not listed. To me this CU has been the best in the west since I’ve been a member (1975). I have read many articles written by Ms Weston this one really hit the nail on the head. I don’t think there is a day that goes by I don’t try to convince someone to ditch their bank and go Credit Union. After many attempts I finally got my sister in Michigan to put all of her accounts into a Credit Union.

  2. Terrell says:

    Raymond, thanks for the comment and for the heads up. I will call them today and clear that up. How frustrating!

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