By Michael Fryzel
Individuals involved in the credit union industry are well aware how credit unions differ from other financial institutions. They know that credit unions provide greater personal service, better loan and saving rates, more realistic fee structures as well as easy access to ATM’s and branches.
It is not uncommon to read in the credit union print media, the on-line news reporting services or in the many trade association daily, weekly, monthly or quarterly publications about the outstanding performance of credit unions across the country. The National Credit Union Administration, regulator and insurer of credit unions, also is known for touting the growth of credit unions in asset size as well as in loans to members.
It is however rare that the industry is recognized in one of the oldest and most respected newspapers in this country. Such was the case in the March 22, 2015 Sunday edition of the Chicago Tribune. (An image of the story appears below.)
In an excellent article entitled “10 things to know about credit unions,” Gregory Karp in his “Spending Smart” column, appearing in the Business Section of the Tribune, calls credit unions “the most underused, underappreciated consumer friendly institutions.”
Mr. Karp uses information obtained from CUNA, NAFCU and Bankrate.com to highlight the growth in credit union membership, the fact that credit unions are member-owned institutions and not profit driven, that they return gains to members in the form of fewer and lesser fees and offer lower loan rates and higher yields on savings.
A few of the highlighted “10 things” are:
* Joining is easier than you think.
* Service and satisfaction are superior.
* Loan rates are probably lower.
* Saving rates are higher.
* Technology is competitive.
Those and other areas the article discusses are what people who are members or work in credit unions already know. What is even better is that because of the article more people will now be aware of the credit union difference and will use it to their advantage and join one.
It is a feel good article for credit union advocates and a must read for the industry.
I urge you to go on-line to the Chicago Tribune and read Greg’s full story.
Michael E. Fryzel is an attorney and advisor to the financial services industry with offices in Chicago, Illinois. He is a past Chairman and Board Member of the National Credit Union Administration. He can be reached at meflaw@aol.com.