A word about credit unions from John Murphy, President, Maine Credit Union League:

At the end of 2008, which was really the beginning of the recession, we had 597,000 credit union members in Maine. As of June 30 this year, we have 623,912. We’ve seen a net gain of nearly 27,000 members in a very difficult economic period–some argue that it hasn’t even ended yet. The increase in membership shows the strength and appeal of credit unions to consumers. From a credit union perspective, the more people you can serve, the stronger you are over time. And from a consumer perspective, consumer interest [has increased] in moving their financial relationships to a local, trusted financial institution like a credit union.

Cost is one thing, certainly, but consumers are also looking for conveniences that save them money. There are a 160 shared branches in the state. That’s larger than any bank in terms of locations that members can go to. We’ve seen a great response to that. And the SurF ATM network has over 200 surcharge-free locations. The fees and convenience weigh heavily with people.

People are shopping as much for financial services as for anything else. That relates to fees and financial institutions as well.  I heard of a guy that was out of the state when he came across an antique Hudson at a car show. He went to a credit union’s shared branch and got a check to buy the car.

I think the first thing consumers need to understand is they have a lot of choices in Maine. We believe credit unions are the best choice for many consumers. If you’re asking “What opportunity do I have to improve my life?” there are lot of choices. We continue to be at a record low interest rate environment. There are opportunities for people to either move from or pay off loans at a financial institution where they may be paying a higher rate.

First mortgage originations, from January to June of 2012, were up 76.7 percent over the first half of 2011. That’s because of the record low mortgage rates. Regardless of where someone is paying it, if it’s a 6% mortgage, they have a real opportunity to reduce their expenses by looking at refinancing. We’ve seen a wave of refinances that have occurred this year, and it’ll continue as consumers look to 2013 and how they can get their finances in order.

I think everybody determines where he or she wants to commit their resources. I’ve seen some pretty sophisticated websites of organizations–not credit unions–that, when you look under the covers, the product isn’t as attractive as you think. The image I see of credit unions in many ways resembles the people of Maine. You want to make sure people understand what you’re offering, but you want to commit your resources to the product itself, whether it’s in quality or how it’s priced.

It’s hard for anybody to say whether they absolutely should use a credit union or a bank.  But I can say with confidence that credit unions are for quality, low cost financial services, and this is supported by independent analysis from consumer organizations and consumer reporters.