08/23/2010

Consumer Magazine Favors Community Financial Institutions

Joe Swatek August 23rd, 2010
Categories
Marketing Insights

Did you read the compliments Consumers Union gave community banks and credit unions in its July issue of Consumer Reports? It’s only a half-page article, but the message is clear.

“When to bail on your bank,” is on page 9. After two introductory paragraphs, the article covers four topics under the subheads “Better credit cards,” “Higher yields on savings,” “Low-rate loans,” and “Bottom line.”

In each category, Consumer Reports recommends readers check with their local hometown financial institution instead of staying with the “Too big to fail banks.” The article even gives website addresses where readers can search for banks and credit unions in their area.

The only points the mega-banks score are for more branches and better online and mobile banking. I disagree. Online banking is pretty much the same anywhere. It is what it is. As for mobile banking, community banks and credit unions are just now moving into that service arena. In a few years, it will be like online banking. Every mega to small financial institution will offer it.

The article also recommends consumers ask for a switch kit when moving accounts — a best practices service ACTON Marketing has recommended to our clients for years.

If you’re not a subscriber to the magazine, you can probably borrow a copy or check out one at the library. It’s a quick read and it should make you happy you work for a community financial institution.

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The same issue has a full-page article, “Debit or credit: which card to use?

The article recommends consumers explore these websites:

www.moveyourmoney.info/find-a-bank

www.creditunion.coop/cu_locator

www.findacreditunion.com

This content is accurate at the time of publication and may not be updated.