CUs Beat Banks in Consumer Reports February Issue Posted by AVCU on 4:13 PM

The largest credit unions easily beat the largest banks in a side-by-side 11-page comparison cover story in the February issue of Consumer Reports. The article leads off with consumers' anger, noting that consumers are "furious at behemoth banks, for myriad reasons: lending practices that helped sink the economy, government bailouts, foreclosures, huge bonuses for CEOs, and now higher fees and tougher account requirements." It notes escalating fees and predicts continued experimentation with fee increases, tougher account requirements, cost cutting and new sources of revenue such as sharing customers' marketing data.

The article suggests credit unions as an alternative, saying that they have expanded services to match that of banks. The article reports that credit unions exist solely for their members and fees tend to be lower, and directs readers to a credit union locator.

Link to the article via our Facebook page or on the Consumer Reports website.