With Bank of America's recent announcement that they will be adding a monthly fee to debit cards many of you are probably now even more concerned about expenses than before. Bank of America is joining many other banks that are already charging exorbitant fees when many people are out of work or dealing with a massive decrease of family income.
One possible option to deal with these costs is to consider changing to a credit union. Credit unions are cooperative financial institutions. That means its members who have accounts are owners of the credit union. Quite different from the major banks that have to answer to shareholders whoaren't concerned about whether or not you can feed your family. Much like other financial institutions, credit unions have the usual checking and savings accounts, offer home loans and can be used for both personal and small business banking.
Today on The Brian Lehrer Show, Brian interviewed Joan Goldwasser, senior reporter for Kiplingers Personal Finance, and Sarah Ludwig, co-director of New York's Neighborhood Economic Development Advocacy Project, where they compared and contrasted the differences between credit unions and major financial institutions.
Listen to the interview and find out more.
Credit Unions and You