MSN: Ditch your bank
Ditch your bank, says MSN Money columnist Liz Pulliam Weston in a column published online this week, adding, “Credit unions deliver big savings and better service for many consumers.”
“Hard to beat a headline and article like this from a consumer’s perspective. In fact we heard that the CU Matchup system. which is noted in the story as a consumer resource, actually crashed for awhile yesterday due to heavy volume — a sign that the column must have a wide readership,” according to CUNA senior vice president of communications Mark Wolff.
In the article, Weston noted, “Because of their not-for-profit, cooperative structures, credit unions are exempted from most state and federal taxes. Banks have convinced themselves this is an unfair advantage and have spent a lot of effort, plus a fortune in lobbying fees, trying to legislate credit unions out of existence or at least limit who can join. (I guess they thought the money was better spent there than on, say, improving their interest rates, reducing their fees or slashing their telephone hold times.)”
Read the full article here.