November 21, 2007 A recent research survey done on consumers, including some in Maine, reinforced the positive place that credit unions hold in the marketplace and the strength of the credit union brand among consumers.
In the survey, conducted by Forrester Research, based in Cambridge, Mass., consumers indicated that credit unions "beat banks 2-to-1--when consumers were asked what institution does 'what's best for me, not what's best for the bottom line'."
These findings are consistent with research conducted by Charles Lawton, a leading Maine economist, that found that Maine consumers saved $40 million in 2005 just by using a credit union. These savings were the result of the structure and philosophy of credit unions as member-owned institutions and, therefore, offer better rates on dividends and loans, fewer and lower fees, and a "willingness to serve and offer products and services based on people not profits."
John Murphy, President of the Maine Credit Union League, called the Forrester Research findings "gratifying that consumers recognize that the focus of credit unions is, in fact, the people who use them - the members."
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