Credit Unions Win Out vs. Banks


On November 19, 2011 The Seattle Times ran an article by Gregory Karp (Chicago Tribune) called "Money Tip:  How consumers can find a banking champ."

Click here to read the entire article.

In the article Mr. Karp writes, "So, big or small? Who wins on the merits in a toe-to-toe fight between megabanks and smaller institutions? Is bigger better, or is this a Rocky Balboa story?"

Here are the categories and his ratings and our thoughts...

Round 1: Fees
  • Winner: Smaller institutions.
    • We agree. Our goal is the same as the banks: maximize shareholder value...the difference is that you're the shareholder at Eaton Family Credit Union, so that's why we strive for lower fees, higher interest earned and lower interest charged on loans.
Round 2: ATM Access
  • Winner: Big banks.
    • We disagree. Eaton Family Credit Union owner/members have access to thousands of surcharge-free ATMs nationwide. In Ohio, Midwest and Western states through the MoneyPass network featuring U.S. Bank. Plus credit union partners nationwide through the AllianceOne network.
    • Click here to see our ATM options and let us know what you think.
Round 3: Branch networks.
  • Winner: Big banks.
    • We disagree. Shared branching is the best example of the cooperative nature of credit unions. With 4,000+ shared branch credit unions you can deposit funds, get cash and make loan payments near home or work for just about everyone. And not just in metropolitan areas!
    • Click here to find a shared branch near you.
    • So far Eaton Family Credit Union owner/members have used shared branch partners in 36 states.
Round 4: Customer service.
  • Winner. Smaller institutions.
    • Heck yeah.
Round 5: Ownership.
  • Winner: Smaller institutions.
    • Yep, that financial cooperative thingeedoo does make a difference because we work for you.
Round 6: Financial products.
  • Winner: Big banks.
    • Well, Mr. Karp, that wealthy crack doesn't really make it with us, because at Eaton Family Credit Union all accounts are insured up to $500,000.
    • Yes, we cannot compete on some business banking services but smaller enterprises appreciate us too.
Round 7: Technology.
Round 8: Rates
  • Winner: Rates.
    • Yes.
Round 9: Safety
  • Winner: Draw.
      • Well, actually, we're better here too. Not only are all account FEDERALLY insured up to $250,000, but we also offer private insurance for an additional $250,000 up to a total  of $500,000 for each account....#winning.
Contact us or go to EatonFamilyCU.com to learn more...YO ADRIENNE.

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