Do You Really Need A Bank? Posted by AVCU on 10:21 AM

Do you really need a bank? That is a question ConsumerAffairs.com reporter Mark Huffman poses in an 8/12/09 article. “In the cascade of complaints to ConsumerAffairs.com lately about major banks, a theme is emerging. Many consumers – who’ve had rates raised, accounts closed and fees imposed -- long for the day when they can tell their bank, ‘you're fired,’” writes Huffman.

ConsumerAffairs questions if it is actually possible to exist in 21st Century America without doing business with a bank. Their conclusion? Maybe, because there do appear to be some alternatives – credit unions, for example. Huffman tells readers that credit unions provide a more practical alternative to banks, providing many of the same services but without policies that seem to drive consumers up the wall. They tend to charge customers, or “members,” lower rates when they borrow money and offer higher rates on their savings. Like banks, most are federally insured. ConsumerAffairs.com goes on to share a little history and that they are cooperative organizations “owned” by members. That means they don’t have to show a profit and provide dividends to shareholders - because there aren’t any. Huffman also points out that credit unions tend to be more stable. Some members find that provides a feeling of safety and security they don’t get with a bank. The article refers readers to CUNA’s website to locate a credit union.

Read the full text of the article here.