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Credit Unions a Better Deal

Before Bank of America goes too far trumpeting the praises of its supposedly bold marketing move (“Banks Accepting Liability on Debit Cards,” Aug. 11), let us not forget that waiving customer liability for fraudulent use of debit cards is a basic element of customer service that Southern California Edison Federal Credit Union and many others have provided since first offering debit cards to credit union members.

This is another example of how credit union services are superior to banks. Credit unions are markedly different from banks because of two key factors: they are non-profit and member-owned. More specifically, outside shareholders own banks, while members own credit unions. As a result, credit unions provide better services to their members because earnings go back to those member/owners in the form of lower loan rates and higher returns.

For more than 60 years, credit unions have provided affordable, friendly service to millions of working Americans. The U.S. Public Interest Research Group concluded in its 1997 PIRG Bank Fee Survey that “The best deal for consumers who qualify for membership is at member-owned credit unions” a conclusion millions of members reached a long time ago.

DENNIS HUBER

President, CEO

Southern California Edison Federal Credit Union

ROBERT ROSE

CU Cooperative Systems Inc.

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