www.creditunions.com (5/11/10) Jill Schlesinger of CBS MoneyWatch convinces consumers to call it quits with their banks in an April 26 segment entitled “Hate Your Bank? Dump That Sucker For a Credit Union!”
“Are you sick and tired of the shenanigans?” asks Schlesinger.
“Don’t want to play the games anymore? Then break up with your bank and join a credit union.”
The video is highlighted by ex-Washington Mutual customer Seth Rosenblatt, who made the decision to up and leave the bank upon its 2008 collapse for a credit union. Rosenblatt’s outrage mirrors that of many consumers disheartened by big banks’ mischief. “I was really upset about what had been happening with the banks -- the subprime mortgage scandal,” he explains. “I didn’t like the thought of my money contributing to any of that.”
Schlesinger reports that credit unions are seeing "their fastest growth in seven years due to public dissatisfaction with big banks."
The report also touches on the benefits of credit union membership, including their cooperative nature as nonprofits owned by their members, and compares the average rates of new car loans, which is 4.82% at credit unions and 6.08% at banks.
A brief statement by Patelco Credit Union’s Nate Burns sums up credit unions’ case for consumer affection. “We pay attention to the member -- the member’s needs. You’re not just a number. You're not just what you have on deposit.”
For those bank customers who have simply had enough, Schlesinger concludes, credit unions offer a “viable alternative.”