11/9: Banks or credit unions?
Moderated by Rick Badie
Anger over banking fees has caused some customers to consider, or even switch to, credit unions. Banks large and small and credit unions share some similarities and key differences when it comes to products and services. Which would better serve you? Today’s guest columnists offer insight on the pros and cons of both.
Joe Brannen, president and CEO of the Georgia Bankers Association, writes about the advantages of banks. Mike Mercer, president and CEO of Georgia Credit Union Affiliates, discusses what credit unions offer.
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15 comments Add your comment
Zashanetta
November 11th, 2011
2:54 am
I’ve never paid a penny in fees of any kind to a bank in >40 years. A checking account is a wonderful convenience and I don’t begrudge my bank for making a profit in exchange for providing that service. The people raising hell about fees are the idiots who don’t know how to manage their money and get dinged because of it.
Eric
November 9th, 2011
7:04 pm
Also, free banking really IS in order, given my interest rate is less than .005!
Eric
November 9th, 2011
7:00 pm
Liz, I think free banking (defined as no monthly fee) is a reasonable request. Banks make plenty of other fee and loan interest income without having to punish the to customer for accessing his/her money. Think of it as treating customers “neighborly” rather than opportunistic.
DC
November 9th, 2011
6:08 pm
btw, our federal govt is clearly the party most responsible for the mortgage debacle…..due to two of their pushes; the ownership society (everyone needs to own a home, whether they can really afford it or not) and the “anti-discriminatory lending” push, which ended up with Fannie Mae and Freddie Mac in essence guaranteeing loans (using our tax dollars) that clearly had little chance of ever getting paid back.
I wish youtube had been around in the 1990s, when Barney Frank (D-MA) and others were berating the banks for “red-lining” – not loaning to folks who clearly were awful risks, and forcing them to open up (i.e. increase the risk) their lending policies. And now the same buffoon is berating the same banks for “predatory lending” – loaning to folks who were clearly awful credit risks. Amazing how our politicians get away with this, and we just keep buying their Bull.
DC
November 9th, 2011
6:02 pm
I personally like having ATMs that I can use (for both cash and deposits) across the country. Also, the presence of branches close by in case I need to occasional cashiers check. Or to meet someone who is purchasing a car from me (which I’ve done twice in the last couple of years), so the bank can validate their money they are giving me isn’t counterfeit. So for me, the large bank works best, as long as I don’t end up w/ a bunch of fees.