Unbanked Pay a Premium; There’s a Better Way

Thursday, Oct. 17, is International Credit Union Day, so on today’s episode of Your Money Your Matters, we’ll talk about the credit union difference, and why it’s important that consumers have a choice. We’ll also talk about what not having a checking account at a credit union means to your pocketbook.

The reality is if you don't have an account at a credit union or other mainstream financial institution, you will likely pay extra for many day-to-day financial transactions. Need to cash your paycheck for example? Sure, there are plenty of check-cashing outlets that will cash your paycheck, but you’ll pay a fee each and every time. Need a money-order to pay a bill? There are certainly lots of non-traditional financial institutions that can help you with that also, but not without a fee. An unexpected emergency has come up and you need a loan? There is no shortage of payday lenders and rent-to-own stores and pawnshops, but it will cost you.

There’s a better way…join a credit union!

Broadcasting every Tuesday from 11 a.m. to noon CDT, Your Money, Your Matters features radio personalities Linda Webb-Manon and Rick Grady, Cornerstone Credit Union League; Courtney Moran, Cornerstone Credit Union Foundation, and Todd Mark, Consumer Credit Counseling Services. Each month, the four will discuss financial issues of most importance to consumers.