• Home
  • Education
  • News and Resources
  • Advocacy
  • Associate Members
  • Contact
  • Search
  • Menu Menu
News
Credit Unions, News

WBA Responds to News Article Promoting Credit Unions

The Wisconsin Bankers Association has submitted the following letter to the editor at the Milwaukee Journal Sentinel in response to a recent article it published, syndicated from NerdWallet, titled “As rates rise, consider saving at a credit union.”

Banks Offer Consumers Opportunities to Grow Savings and Meet Financial Goals 

By Rose Oswald Poels, Wisconsin Bankers Association President and CEO

An article published on March 8 encouraged readers to consider saving at a credit union as the Federal Reserve continues to increase interest rates, however the article failed to recognize key points that are important for consumers to bear in mind when choosing a financial institution. 

Both banks and credit unions are impacted by rising interest rates. Depending on the product or service, a bank may offer a better rate or may have wider offerings to better meet the consumer’s needs. It is untrue to generalize that credit unions offer better rates than banks.  

Unlike credit unions, banks pay income taxes that support social services, emergency responders, schools, and other public services. In fact, the average American family pays more in federal taxes than the entire $2 trillion credit union industry. Banks also give back to their local communities; according to 2020/2021 survey data from the American Bankers Association, Wisconsin banks volunteered approximately 562,900 hours of service and made approximately $59,700,000 in community donations. 

Wisconsin has many diverse financial institutions to choose from, and it is in every consumer’s best interest to shop around for their saving and borrowing needs — including at banks. 

Print 🖨
March 9, 2023/by Cassandra Krause
Tags: Credit Unions
Share this entry
  • Share on Facebook
  • Share on Twitter
  • Share on WhatsApp
  • Share on Pinterest
  • Share on LinkedIn
  • Share on Tumblr
  • Share on Vk
  • Share on Reddit
  • Share by Mail
https://www.wisbank.com/wp-content/uploads/2021/09/Triangle-Backgrounds_Dark-Blue-on-Light-Blue.jpg 972 1921 Cassandra Krause https://www.wisbank.com/wp-content/uploads/2021/09/Wisconsin-Bankers-Association-logo.svg Cassandra Krause2023-03-09 08:00:562023-03-09 08:00:56WBA Responds to News Article Promoting Credit Unions
You might also like
Executive Letter: The Importance of Attending Capitol Day
Executive Letter: Advocate for Credit Union Fairness
Act Now to Oppose Recent OCU Rulemaking Related to Authorized Incidental Powers
Wisconsin Banks Sign on to Letter and Testify in Opposition to Credit Union Expansion
Statement on the Recent Acquisition of a Taxpaying Wis. Bank by a Credit Union
CUs Continue Expansion Into Wisconsin Markets
March Madness Begins, and Ends…

Categories

  • Advocacy
  • Community
  • Compliance
  • Credit Unions
  • Education
  • Member News
  • News
  • Products
  • Resources
  • Uncategorized

Recent Posts

  • Nelson Celebrates 30 Years at National Exchange Bank & Trust
  • Bakalars to Retire
  • PWSB Mortgage Lenders Receive the Five Star Mortgage Professional Award
  • Executive Letter: Wisconsin Supreme Court Upholds Priority of Secured Creditor Under Receivership Rules
  • Peshtigo National Bank Announces Promotions

Archives

  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • December 2020
  • November 2020
  • October 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • May 2019
  • April 2019
  • March 2019
  • November 2018
  • September 2018
  • August 2018
  • June 2018
  • April 2018
  • March 2018
  • January 2018
  • November 2017
  • October 2017
  • September 2017
  • May 2017
  • April 2017
  • December 2016
  • November 2016
  • August 2016
WBA logo
  • About
  • Community
  • Subsidiaries
  • Staff

questions@wisbank.com

608-441-1200

4721 S Biltmore Ln.
Madison, WI 53718

Get our Newsletter!
Subscribe

© 2023 Wisconsin Bankers Association. All rights reserved. | Website Design by Bizzy Bizzy
Go Digital on a BudgetTriangle BackgroundExecutive Letter: Highlighting Your Community-focused Efforts
Scroll to top

This site uses cookies. By continuing to browse the site, you are agreeing to our use of cookies.

OKLearn more×

Cookie and Privacy Settings



How we use cookies

We may request cookies to be set on your device. We use cookies to let us know when you visit our websites, how you interact with us, to enrich your user experience, and to customize your relationship with our website.

Click on the different category headings to find out more. You can also change some of your preferences. Note that blocking some types of cookies may impact your experience on our websites and the services we are able to offer.

Essential Website Cookies

These cookies are strictly necessary to provide you with services available through our website and to use some of its features.

Because these cookies are strictly necessary to deliver the website, refusing them will have impact how our site functions. You always can block or delete cookies by changing your browser settings and force blocking all cookies on this website. But this will always prompt you to accept/refuse cookies when revisiting our site.

We fully respect if you want to refuse cookies but to avoid asking you again and again kindly allow us to store a cookie for that. You are free to opt out any time or opt in for other cookies to get a better experience. If you refuse cookies we will remove all set cookies in our domain.

We provide you with a list of stored cookies on your computer in our domain so you can check what we stored. Due to security reasons we are not able to show or modify cookies from other domains. You can check these in your browser security settings.

Other external services

We also use different external services like Google Webfonts, Google Maps, and external Video providers. Since these providers may collect personal data like your IP address we allow you to block them here. Please be aware that this might heavily reduce the functionality and appearance of our site. Changes will take effect once you reload the page.

Google Webfont Settings:

Google Map Settings:

Google reCaptcha Settings:

Vimeo and Youtube video embeds:

Privacy Policy

You can read about our cookies and privacy settings in detail on our Privacy Policy Page.

Terms of Use
Accept settingsHide notification only

Subscribe

* indicates required








Membership