A Must-Read New York Times Article

 

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The New York Times Your Money section carried a great article last Friday (October 7, 2016) titled:  “A Guide to Getting Rid of Your Big-Bank Checking Account”.  Ron Lieber, the author, squarely addresses consumers’ concerns following the recent disclosure of unauthorized account openings at Wells Fargo and asks a critical question:  “Should I finally remove multibillion-dollar, profit-making corporations from my day-to-day financial life once and for all?”

 

Here is a link to the article:

 

http://www.nytimes.com/2016/10/08/your-money/brokerage-and-bank-accounts/a-guide-to-getting-rid-of-your-big-bank-checking-account.html?smprod=nytcore-iphone&smid=nytcore-iphone-share

 

Mr. Lieber writes very favorably of credit unions as non-profit cooperative alternatives to for-profit banks.  He also speaks highly of small and medium-sized community banks and suggests consumers also look into some of the new mobile-based banking alternatives.  

 

At the conclusion of the article, Mr. Lieber presents consumers with an interesting choice.  You can choose a bank that offers great value, or a bank that offers great values.  (Nice play on words, by the way!)  I think most credit unions can very realistically claim to offer both.