The New York Times Your Money section carried a great article last Friday (October 7, 2016) titled: “A Guide to Getting Rid of Your Big-Bank Checking Account”. Ron Lieber, the author, squarely addresses consumers’ concerns following the recent disclosure of unauthorized account openings at Wells Fargo and asks a critical question: “Should I finally remove multibillion-dollar, profit-making corporations from my day-to-day financial life once and for all?”
Here is a link to the article:
Mr. Lieber writes very favorably of credit unions as non-profit cooperative alternatives to for-profit banks. He also speaks highly of small and medium-sized community banks and suggests consumers also look into some of the new mobile-based banking alternatives.
At the conclusion of the article, Mr. Lieber presents consumers with an interesting choice. You can choose a bank that offers great value, or a bank that offers great values. (Nice play on words, by the way!) I think most credit unions can very realistically claim to offer both.