NEW YORK The Wall Street Journal online columnist Brett Arends explained in his column last week that credit unions often offer better rates than banks.
Arends addressed the issue that currently many Americans are unhappy with the banking industry and suggested that they look at credit unions as an alternative.
Theyre often seen as the local libraries of banking, Arends said about credit unions in his column. But thats too bad. The chances are they didnt pay their chief executive $10 million while writing off billions in subprime loans. And they can offer you some surprisingly good deals.
Arends cited information from CUNA that 90 million Americans already bank at a credit union and that the figure rose by more than one million last year. He also pointed out that most credit unions carry deposit insurance through the NCUSIF.