Sick of interest rate hikes, new hidden fees, and their credit lines cut, more consumers are trying their local credit union a shot. This CBS video takes a look at a credit union in Michigan who bought back their credit card program that they had sold to large bank after members started complaining.
What’s a credit union? It’s a local financial cooperative owned and run by the members where all the profit gets returned to them in the form of better savings rates and lower loan costs. In contrast, a large bank has to pay for their high marketing costs and executive salaries.
Credit Unions Vs Banks [CBSNews] (Thanks to Vivek!)