More switching to credit unions

This month, when Sarah Vainer applied for a preapproved auto loan, U.S. Bank demanded a mortgage-like mound of paperwork, including copies of her current auto lease and past lease payments, and asked what type of car she’d buy.

“What’s the purpose of a preapproval?” Vainer recalls thinking at the time. “This is completely insane.”

She left and this week joined USAgencies Credit Union in Portland. An overreaction? Not when you consider the credit union has already preapproved Vainer for a loan. Or that the Vainers have great credit, which Sarah feels obligated to have, given her job: tax collector for the Internal Revenue Service.

Or that she once worked for U.S. Bank, where she helped manage a branch and took car-loan applications.

“It made me feel like some kind of delinquent,” she says of the bank’s inquiries.

This from Oregon Live, who reports that credit unions are growing thanks to a backlash against big banks and they way they treat their customers.

We say: welcome to a financial institution where the grass really is greener.

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