Minnesota Credit Unions Pledge To Offer Fairly-Priced Banking Services
Contact: Rachel Anderson
(800) 477-1034, (651) 288-5527
ST. PAUL, Minn. – In the wake of major banks’ recent announcement to increase debit card fees, 83 Minnesota credit unions have pledged to continue to provide members fairly-priced banking services, including debit card fees. This declaration is an extension of credit unions’ overall mission to put the needs of individuals above making a profit.
Many Minnesota credit unions have answered consumers’ call for fewer fees with a pledge to offer free debit cards. A complete list of credit unions that signed the pledge is available online at www.mncun.org/pledge. Specifically, the pledge states:
“I pledge to uphold the credit union philosophy of ‘people helping people’ by continuing to offer fairly-priced banking services to our members. In addition, I pledge that my credit union will abstain from charging a fee for members to use our debit cards for as long as market conditions allow us to do so.”
Over the past month, consumer and media attention has been drawn to Minnesota credit unions’ dedication to consumers. As not-for-profit financial institutions, credit unions operate solely to meet the needs of those they serve. Any earnings they receive are returned to members in the form of lower loan rates, higher savings rates – and fewer fees.
“Our cooperative structure is unique among financial institutions,” said Mark D. Cummins, President & CEO of the Minnesota Credit Union Network. “While other financial institutions exist to maximize profits for their shareholders, credit unions exist to maximize their service to members. This unique business model is causing many consumers to consider joining their local credit union.”
The desire for a better financial service alternative has caused a California small business owner to organize a social media campaign called “Bank Transfer Day.” This campaign encourages consumers to move their money from big banks to local credit unions on or by Saturday, Nov. 5. So far more than 70,000 consumers around the country have pledge to participate in “Bank Transfer Day,” and the number continues to grow. The state’s credit unions have committed resources to help consumers move their money in conjunction with this campaign.
Minnesota credit unions’ dedication to provide maximum service to members is not a new concept. Since their inception, credit unions have been dedicated to serving their members, not profiting from them. The Credit Union National Association (CUNA) estimates that, over the last year (12 months ending June 2011), the average Minnesota credit union member saved $76 (and $144 per household) just by doing business with a credit union. That’s just an average – the more a consumer does with a credit union, the more a consumer saves.
“Every day is a good day to join a credit union,” Cummins said. “Join today and become one of the more than 1.5 million Minnesotans around the state who are already enjoying the advantages of credit union membership.”
To learn more about credit unions and to find one to join, visit www.minnesotacreditunions.org/findcu.
The Minnesota Credit Union Network is an organization representing the state’s 144 not-for-profit cooperative credit unions serving more than 1.5 million member-owners in Minnesota. For more information, visit www.mncun.org.