Arrive Magazine - May/June, 2011

BROKERAGE FIRMS

These days, brokerage firms o;er services far beyond trading stocks and managing retirement funds. Big players such as Charles Schwab, Vanguard, Merrill Lynch and Fidelity o;er customers check writing capabilities, credit cards, online bill paying and other services “designed for customers’ everyday spending needs,” says Steve Austin, director of media relations for Fidelity Investments. For example, Fidelity o;ers a product called mySmart Cash, which Austin says is attracting customers tired of paying exorbitant fees to their banks. MySmart Cash fully reimburses ATM fees, and because transactions made with insufficient funds are automatically declined, customers are never stuck with overdraft fees. Austin also notes that brokerage firm accounts tend to bear higher interest than a traditional checking account.

CREDIT UNION

Unlike traditional banks that use customers to generate profits for their shareholders, credit unions are directly owned by the members themselves.

“Our goal is to maximize benefits for our depositors, from lower fees to higher interest rates on savings,” says Bill Cheney, president and CEO of the Credit Union National Association.

Credit unions serve a defined field of
membership—eligibility can be based on
a;liations with an employer, organiza-
tion, place of worship or even geographic
area. And whereas banks “walked away
from customers” during the financial
crisis, credit unions lent $6 billion in two
years, Cheney says, “and it didn’t cost tax-
payers anything.”
According to research compiled by the
Credit Union National Association, credit
unions save each member about $80
annually in fees and loan interest.

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