Forbes Favors CUs for Students Posted by AVCU on 4:13 PM

Forbes posted an article on its website yesterday entitled “When A Credit Union Beats A Bank.” It focuses on the financial needs of new college students having a lot of decisions to make when it comes to managing their finances: where to a establish a bank account, etc. Forbes says it pays to check out the local not-for-profit credit union because if may offer lower costs and better services. Admittedly, Forbes says, credit unions have fewer branches and ATMs than commercial banks, but what you give up in convenience, you get back in lower fees and better rates. It goes on to highlight some stories from some specific students and credit unions around the country.

The story ends on a note that rings throughout its entirety – the story of Megan Collins, a senior at the University of Nebraska, who says she has "never once" considered opening an account at a large national bank in the area. Not only does the credit union offer higher savings rates and accessibility at shared branch credit unions across the country, but the union has a more personal approach. "I feel like I have a more personal stake in the union, whereas if I were at a large bank, I would really have no stake at all," says Collins, who was the first student to open an account at the University of Nebraska Federal Credit Union three years ago. Now, she says, "I find myself explaining what a credit union is quite often ... It's member-owned, it's not owned by a company, somebody's not getting rich." "It's just a matter of understanding not only that credit unions exist, but they exist to help people," Collins adds.