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Lead: If you use a credit union, you know that
branches often aren’t as convenient as with banks. But a credit
union branch may be closer than you think. Bankrate.com explains.
VO: (Video of credit union) Credit unions have
traditionally offered lower interest rates on loans and higher interest
rates on savings. So why don’t more people use them?
VO: One reason is credit unions often have
fewer branches than banks and they're harder to get to. But if that's
kept you from joining, it's no longer an excuse.
SOT: "Our members can go to 1,200 facilities
all over the country. It'’s great for members because it provides
convenience for them, and it's good for us, the credit unions, because
we don't have to build extra branches."
VO: (Video of manager) What's happening? Credit
unions are banding together to create networks, networks that allow
members of one credit union to access their accounts at other credit
unions. Basically a credit union cooperative.
VO: (Banking/credit union video) So if you
join a networked credit union, you can walk into any other member
credit union anywhere in the country, even internationally; and
conduct business just like you would at your own branch.
VO: (Video of website)
To find out if your credit union offers this service, simply ask,
or check it out online.
VO: Not all credit unions have joined this
shared branch system yet: but many have. In fact, even some 7-Eleven
stores now have self-serve kiosks and they're free.
STAND-UP: So if you like the idea of lower
interest on loans and higher interest on savings, check out a credit
union. And if there's not one close to home, don't worry. Jjust
find one that's a member of the network. For Bankrate.com, I'm Kristin
Arnold.
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