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Credit unions have benefits over banks
Letter to the Editor
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Published: 3/24/2010 12:00 AM

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Is anyone out there angry with his bank? If the answer is yes, why do you keep giving them your money, your interest, your payments (profits) on any of your money transactions?

I belong to three credit unions, and they (unlike banks) care about customer service, they don't rip you off and your money is safer in a credit union.

If your credit union belongs the National Credit Union Administration you have the guarantee that your account up to $250,000 is safe. Furthermore, credit unions normally have larger cash reserves than banks.

Credit unions are member owned, and that's why you get good service. Credit unions don't have top executives buried behind thick mahogany walls earning millions of dollars. Credit unions don't risk their depositors' money in credit default swaps, or risky stocks or large pools of overvalued mortgage funds.

Last year 140 banks defaulted and were taken over by the Fed. Another 400 U.S. banks are in danger of going under this year. I didn't hear of even one credit union going under.

An analysis on a news radio segment said that the average individual saves $100 per year more in a credit union than with a bank for the same exact services.

There are credit unions for union or corporate employees, credit unions for folks who live in their town or city, or credit unions for certain types of careers. If you want to fire your bank, ask at any local credit union how to search for one you can join.

Jim Peterson

Hoffman Estates