Wall Street Journal: CUs are the best way to bank

It’s something we’ve known all along, right? But Brett Arends, writer for the Wall Street Journal’s “R.O.I” column (that’s “return on investment”) says that with all the trouble banks are having these days, credit unions are a sleeper hit:

These not-for-profit co-operatives have a kind of sleepy, backwater image. They’re often seen as the local libraries of banking. But that’s too bad. The chances are they didn’t pay their chief executive $10 million while writing off billions in subprime loans. And they can offer you some surprisingly good deals.

Arends says many creidt unions, like American 1, offer the same services banks do – often with better rates.

And since credit unions “don’t have to pay for billions in losses on subprime mortgages and other bad loans,” they can pass the benefits right on to members.

Read the rest of Arend’s column, “For Better Banking, Check Out a Credit Union,” at WSJ.com.

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American 1 Federal Credit Union

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