Credit unions appeal to the masses

05.09.09
By Nicholas Storie

Consumers who may feel duped by some of the practices related to mortgage loans or other financial products offered at traditional banks are increasingly seeking out alternative resources to help manage their money.

In some cases, people are turning to credit unions as a more simplified way to carry out banking and lending activities.

The Buffalo News reports that millions of people nationwide have joined credit unions that were historically formed by and open to employees of a certain workplace for checking and savings accounts.

Because credit unions' savings are insured by the FDIC - just like banks - and due in part to expanded services including loans, online banking and debit cards, many are making the switch, suggests the article.

In fact, low interest rate loans and greater attention to customers' needs are top reasons some consumers are getting on board.

One South Florida outlet, Tropical Financial Credit Union, says that being a member of a credit union is a great alternative for American families struggling to meet some of their financial goals.

Cina Tucci, director of marketing for Tropical Financial Credit Union, touted their ability to make consumer loans. "Due to the financial strength and stability of our organization, as well as our financial practices, we have an abundance of money to lend to our members," she said.

More Personal Finance Articles | News Home | Discuss in our Forum

Some consumers are using financial resources outside banks