Bankrate Columnist Talks Up Credit Unions (Misc News: October 28, 2010)
Credit unions got a little plug from Dr. Don, a financial advice columnist on Bankrate.com.
Columnist Don Taylor answered a question about how a credit union could offer a 1.75-percent rate on money market funds above $50,000. "How can they do that? How safe is such a money market fund?" the reader asked.
Taylor said the answer lies in credit unions' tax-exempt status.The downside, he said, is that credit unions have somewhat limited membership requirements.
"The bad news is that this credit union, like all credit unions, limits its membership to people who have something in common," Taylor said.
But the article quotes a financial basics section of the website as saying that credit unions have expanded their fields of membership to certain geographic locations.
Click here to read the Bankrate.com post.