We applaud the call for folks to move their money to local financial institutions; we just think that call should also include credit unions.
Credit unions, not-for-profit, member-owned financial institutions, have been widely recognized for their prudent business practices and great service. A key reason for this is that "profits" are returned to members in the form of lower fees and competitive rates.
This investment has paid off: Today, credit unions serve approximately 92 million members.
Federal credit unions also offer great rates on all types of loans, including automobiles, cars, credit cards, and mortgages. Credit card interest rates and other loans cannot exceed 18 percent at federal credit unions and usually average much lower. You can go to www.nafcu.org/dailyrates and compare rates between credit unions and banks.