Last week, I asked the age-old question: Where do you bank? And in the process, I stumbled onto an age-old debate: Banks vs. credit unions?
The difference between the two types of institutions seems even more pronounced during the Great Recession, largely because of the way banks and credit unions are portrayed in the media. They also have dueling marketing campaigns. Banks have taken a huge public relations hit during the financial crisis while credit unions — despite their own problems — have worked diligently to position themselves as the safe alternative.
Now, it appears the debate among consumers has expanded even further to bank vs. credit union vs. community bank.
Readers, in emails to me, had a lot to say about this, and about where they prefer to bank in general. Here are some of their comments (banks, credit unions, take note):
"I've been a customer of large banks for 20 years, most recently with Wells Fargo for over 10 years. The primary attraction to me was always convenience. Local branches and ATMs were plentiful and their online banking was often well ahead of what was available from credit unions or community banks. Still, throughout my history with large banks, I never received a level of service that made me feel appreciated as a customer or particularly loyal. I was always resentful of the fees, hidden costs and terrible business practices of banking with these behemoths." [Read story at BizJournals.com/by Kristen Grind].
Posted by Bruen
at 12:01 AM PST
