Tuesday, June 02, 2009
AARP: 'Skip the bank, look into CUs'
The organization formerly known as the American Associatin of Retired People (now just AARP) in a newsletter article discusses seven ways to beat the bank on fees.
Its No. 7 suggestion: "Skip the bank, look into credit unions."
"According to some credit union fans, the best way to beat the banks is not to use them," said the May 20 article in AARP Bulletin Today.
"When I hear my friends complaining about bank fees and service charges, I tell them to look into credit unions," Maureen Sherman of West Nyack, N.Y., told the publication.
Sherman says she doesn't worry "about what new fees my credit union is tacking on to my account because, as a member-owner, not-for-profit organization, I know they have my best interest at heart."
The article notes that readers will find credit unions offering the same products and services as banks but with no or lower fees than other financial institutions. It also discusses the member-owned structure of credit unions.
To review the article and its seven tips for avoiding fees, click here.