Credit Union Interest on the Rise

Credit unions across the country are seeing an explosion in new members since Bank of America announced its monthly $5 debit fee last month, according to an ABC World News report that aired Monday night. A growing number of bank customers are withdrawing money, clos­ing accounts, and taking their money else­where, said ABC’s Diane Sawyer.

Where is that, she asks? Credit unions, an­swers ABC World News reporter Matt Gutman in his story that points out that community banks and credit unions across the country are seeing a mass migration to their doors.

In a story on ABCNews.com, “Bye-Bye, Banks: 9 Tips Be­fore You Switch to a Credit Union”, Gutman lists nine tips from CUNA consumers switching to a credit union should consider, including compare credit union rates and fees to those of banks, ask about free checking and debit, and ask for a “switch kit”. In the article, CUNA pointed consumers to www.aSmarterChoice.org and www.CULookup.com, where they can enter their zip code to search for credit unions in their area.

Both the ABC World News report and that ABCNews.com story can be found here.

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