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Credit Blind Spot

March 20, 1988

Regarding the March 3 story, "Free or Low-Cost Checking Exists, Bank Poll Finds":

That the Los Angeles Times ran this story is profound evidence that even a leader in the news industry can be the victim of an old and weathered blind spot for the ubiquitous credit union.

If the story was intended to be newsworthy and to illustrate cost-saving checking alternatives for your readers, we submit that only misinformation appeared. The exclusion of credit unions from your survey of cost-saving checking alternatives has performed a disservice to your readers.

Consumers are embracing credit unions as their primary financial institutions in escalating numbers. Today, 6.5 million Californians are served by 1,068 credit unions whose total assets are some $25 billion.

Without representative data from credit unions, the weakness of the story glares through.


San Diego

The writer is president and chief executive of Mission Federal Credit Union.

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