Credit Unions are Worth a Second Look
Credit Unions are Promoting Themselves as an Alternative to Big Banks
Many credit unions are capitalizing on the outrage against Wall Street banks, aggressively promoting their advantages such as more personalized service and fewer and lower fees compared to the big Wall Street banks. The television commercials attack the big banks as greedy institutions which charge exorbitant credit card interest rates, late charges
and other fees and with overpaid executives.
6-12-10 NY Times
- Credit Unions Promote Themselves as a Better Alternative to Big Banks
As outrage at big banks boiled over, First Federal introduced a new and unusually biting marketing plan. In a series of commercials shown repeatedly on local television, actors posing as bankers walk into a sidewalk confessional and admit their sins.
- Credit Unions Explained
A credit union is a cooperative financial institution that is owned and controlled by its members and operated for the purpose of promoting thrift, providing credit at reasonable rates, and providing other financial services to its members.
6-19-10 NYTimes--Credit Unions are Beckoning With Open Arms
- Credit Unions are Beckoning
Some of the biggest credit unions with some of the best deals have opened up membership to everybody. This infuriates bankers, who must compete with them while also paying taxes that the nonprofit credit unions do not owe. Consumers should rejoice.
6-13-10NYTimes Gretchen Morgenson "Finally Borrowers Score Points"
- Another Great Column by Gretchen Morgenson, Investor's Best Friend
Countrywide was a predatory institution, and the F.T.C., citing Countrywides serial abuse of troubled borrowers, extracted a $108 million fine from Bank of America last week. Countrywide forced to pay outsized fees for foreclosure services.
6-19-10NYTIMES--Bankruptcy Alternative SCAMS
- The Great Bankruptcy Avoidance Ripoff
Consumers rarely emerge from debt settlement programs with their credit card balances eliminated, these critics say, and many wind up worse off, with severely damaged credit, ceaseless threats from collection agents and lawsuits from creditors.
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