The benefits of credit unions 

In October alone 650,000 people fed up with the thought of paying a $5 debit card fee transferred their money from big banks to credit unions!

This week on Saving Thousands! with Robert Palmer it was my pleasure to have Mike Bridges from the League of Southeastern Credit Unions on the show to talk about these numbers and what this move means for consumers.

Mike localized the move to credit unions. Florida credit unions received 13,000 new members last month, and one lucky credit union signed more new members in October than they did in the entire second half of last year!

There are many benefits to using a credit union. Mike explained that the days when you have to be a member of a certain group to join are gone. Now there are credit unions out there for everyone.

What makes credit unions different is they are not-for-profit, which means lower or no fees and the business model looks out for the customer. These companies are usually more personal, and they can show you how to reach your financial goals –whether it is to build credit, manage debt or help put more money into a savings account.

If you are interested in learning more, check out the website at betternameforbanking.com.  You can even find out how much money you can save by banking with a credit union. Mike says you’d be amazed at the thousands people can save over the years just by switching.

I’m going to give a little free advice to big business - As consumers we are fed up with being taken advantage of– we just saw it in the 650,000 people who left their big banks. We are fed up with being charged for levels of convenience we shouldn’t have to pay for and it’s time for you to change. We don’t mind if you make profits. We don’t mind if you make money. We understand that’s what drives this country but you have to do it in a way that makes sense for us.

If you want to earn our business and more importantly, if you want to keep it you have to change your business model to do what’s right for us. That doesn’t include crazy fees for things we shouldn’t have to pay for or price increases. If you aren’t a company doing it right you will feel it because consumers are getting smarter. I’m telling you make sure your business model is right for us. We hold all the power and we decide where our money goes.

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