Monday, June 8, 2009

Chatzky chats about CUs on the 'Today Show'

NEW YORK (6/5/09)--Consumers looking to minimize bank fees should consider credit unions as an alternative to banks, Jean Chatzky, "Today Show" financial editor, told viewers Thursday.

Chatzky mentioned that banks used to have 250 different fees that they charged consumers, and that many fees are coming back because banks are looking to boost their revenues. Some banks don't even allow customers to opt out of overdraft fees, she added.

When Matt Lauer, the "Today Show" host, asked how consumers can get around some of these fees, Chatzky mentioned credit unions.

"Consider banking with a small community bank or credit unions because fees at these institutions may be a little bit lower," she said.

That tip also was listed on a chart displayed on camera. The Credit Union National Association supplied comparisons of bank and credit union fees to one of Chatzky's researchers for the segment.

courtesy of

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