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They banks have taken a lot of heat over the past year but you know what -- goes with the territory when you've also taken a boatload of taxpayer money.
Adding confusing scenes in and personal business model why what customers go looking for competition.
Joining me now is Fred Becker the president of the national association of credit unions.
Fred to tell you I talk to folks all the time about why they should use a credit union they don't even know what it is and I try to explain to them that the business model is different.
It's up not for profit institution how does that affect the way you do business.
You're exactly correct -- it is a non for profit institution.
That returns the money to its members as opposed to stockholders.
By the -- by the way of lower fees or rates on loans and higher returns on savings and by the way better service.
-- that's that's a lot of big fat promises at the top of the interview let me tell you that let's go lower that's a little bit.
Here's saying that might these are going to be lower than if I get it would big bank I'll be paying more for my savings -- think promises out there.
Are the difference is big enough that I can actually see them over the course of say a year.
Yes they are big -- that you can see him over the course of the year.
If you go to our website entitled see you look up which is where you might find a credit union to join.
On the left hand side there's a link to data track.
And data track will compare rates for you or might say compare rates -- banks and credit unions had various states across the country -- all might find -- his.
You might find a small example where a bank or banks are bidding credit unions but that be a loss leader like when you go to -- supermarket and the meets on sale.
I enlarge the rates are cheaper.
And you mentioned something interesting here you actually have to join it sound like you walk in the office and saying -- my paycheck.
You actually have to fill out some paperwork right is that hard to get -- -- credit unions.
It's not hard to get on the credit union but you have to have some sort of affiliation with the rest of the membership.
Again if you go to our website entitled CU that's credit union look up dot com.
You can put in various criteria about yourself and find the credit union the chicken joint.
-- there it's easy and it's just like any other financial institution great again one of the concerns I know folks have who thought about doing that they would -- -- Jerry.
We're the ATM's are they part of -- -- -- -- second bank everywhere that's one of the big.
Selling points for the big banks is that you can bank virtually anywhere.
If that's true Jerry you're exactly right they are part of an ATM network the ATM might have not have the name of the credit union at the top.
But -- on the left hand or right hand side of the ATM middle -- a series of networks.
And you can go to the credit union's website and find out networks -- you -- -- For what shall be no fees in addition many credit unions have what's known as a -- branch.
You wouldn't find that at a banking industry imagine be a day -- -- sharing a branch.
But credit -- -- literally share our ranch where you can walked I -- get -- this -- question because it's really important.
What about protection you know we have mortgage meltdown many banks close down or their guarantees for my money at a -- put it a credit union.
There -- the same guarantees that you have -- any bank it's a different insurance fund but our insurance fund.
Has never cost the American taxpayer dime.
Just look for a blue sticker that has the letters and -- way on it in the window of the credit union.
And -- -- way so talk to me also about financial regulation reform you know this is a topic that would that we have been back and forth over again on this network.
How does this reform -- credit unions.
Unfortunately it -- credit unions under the purview.
Of the financial reform legislation that's being passed and adversely impacts them and their members with -- spark.
The interchange fees which unfortunately doesn't merchants won a free ride with no return to the consumer.
You know when my big beefs with the big banks frankly is there's nobody talked him.
You can't you can't find a teller you know if you want help with something online forget about it and I -- credit unions operate differently.
Absolutely -- pride yourself on their service to their member.
You can do online banking -- you can walked him and talked to someone or reach him on the phone and talked to some.
Live about your account of what's going on sounds like a good deal Fred thanks for helping us out today.
Thank you so much just remember where the best kept secret banking up all right that's unsolicited --
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