NEW YORK - Most people turn to Consumer Reports when they're going to buy a car or a major appliance-but now they can visit the popular consumer magazine for financial services advice. In its June issue the magazine, scheduled to hit newsstands May 16, is going to publish a story that basically concludes that community banks and credit unions are a better deal for consumers when it comes to low-cost checking accounts and better service, according to a report in the American Banker. Credit unions received some glowing praise from the magazine. The article said credit unions are an excellent choice for consumers and said new members can open accounts with $100 or less and 88% of credit union members said they were completely or very satisfied with their credit union service, compared to just 63% of bank customers. SunTrust Bank, Atlanta, and SouthTrust Corp., Birmingham, Ala,, scored highest for convenience, cost and service. Interestingly, the magazine also rated Internet-only banks WingspanBank.com and Security First Network Bank highly.
Credit unions score well in Consumer Reports survey
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