August 2, 2007 Maine's Credit Union Movement welcomed a recent article by the most-read personal finance writer on the World Wide Web, Liz Pulliam Weston, that encourages consumers to "Ditch Your Bank for a Credit Union." Weston cites better rates and lower and fewer fees as some of the primary reasons for using a credit union.
Excerpts from Weston's article note the frustration that many consumers across the country are experiencing with banks through high fees, hidden penalties and earning lousy interest rates. She writes directly to the reader, "You're tired of being treated like a nuisance rather than a customer. And yet you have little hope that the bank down the street is any better. But who says you have to settle for a bank? Relief could be as close as the nearest credit union."
Weston outlined the three most important distinctions that make a credit union more attractive than a bank. "Credit unions are member-owned, not-for-profit and have a consumer-oriented focus. Any profits credit unions do make are distributed as dividends and benefits to their members and that means every member. Contrast that with banks, which continually invent new fees and policies to boost profits (and to pay those stunning executive salaries)," Weston explains.
In Maine, consumers save $40 million dollars a year by using a credit union, according to a recent research study by Planning Decisions, a well-known research firm.
Feedback from Maine credit unions on having someone of Liz Pulliam Weston's credibility praising credit unions was very positive. Jim Lemieux, President/CEO of Sebasticook Valley FCU and a director of the Maine Credit Union League's board, commented, "Obviously the knowledge of what credit unions do and who we are is out there, as always it's great to see it in print. It certainly is great for our industry and a testament to our advocacy that a reporter is able to find the statistical information needed to write such a glowing piece."
There is a credit union in Maine for everyone to use. Click on the Find A Credit Union link to get started.
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