There's a great article in this week's U.S. News and World Report about credit unions drawing fire from banks.
I heard some rumbling about this a couple of years ago at a credit union conference; they were concerned about the banks' impending efforts to strip Credit Unions of their non-profit status. Now, it seems, the banks are ready to strike.
If you've read my book, you know I'm pro-credit union. If you haven't read my book, do so! It's only ten bucks.
Ahem. The banks are wrong on this one, plain and simple. They're greedy, they're losing the battle for customers, and they're getting what they deserve. Now they want to cry foul and punish credit unions for serving the community better than they do.
That's just my take; I have a lot of reasons for believing credit unions are superior to banks, but let me provide just one. When I was trying to bring the Get Checking program to the Inland Empire, I had a lot of trouble getting banks to sign up, but credit unions were much more receptive. On balance, I just believe that CU's are truly more committed to their members than banks are.