Banks vs Credit Unions: Who do You Think is Friendlier?
Maybe you’ve read banking industry propaganda recently claiming that credit union fees and policies are no longer much friendlier than banks are. Well, a new report shows just how wrong these claims are.
The report, from Bankrate, finds that credit unions are more than twice as likely as banks to offer free checking accounts to new customers. Fact.
In fact, Bankrate’s survey of the 50 largest credit unions and found that 76% of their checking accounts are free. “Only 37% of banks can say the same,” Bankrate said, in a statement.
Back in 2010, Bankrate found that 78% of credit unions and 65% of banks offered free checking accounts to everyone.
So, it seems that credit unions have remained friendly, while banks have gotten less friendly. And it’s not just about free checking: CU’s consistently beat banks on such things as auto loan interest rates, and on various fees.
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