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CHICAGO — Ed Jacob, CEO of the $7 million North Side Federal Credit Union said “mid-tier” financial service providers around the credit union, the payday lenders, check cashers, rent-to-own outfits, and other similar services are his credit union’s competition.

“Most of the banks in my area seem to have their sights set on more up-market consumers,” Jacob explained. “They run offers for things like iPods for new account openings. They really aren’t interested in the sorts of consumer who tend to be my members.”

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