Jan 01 2000

Shopping Strategies for Financial Consumers: A Study of Three Markets

This research addresses two questions for financial consumers: Is it worthwhile to shop more than one financial institution to get the best price? And should the choice of institutions among which to shop be influenced by whether an institution is a credit union or a bank?

The study examines price data on five commonly used financial services from six credit unions and six banks in each of three markets. The prices used for comparisons are for products and balance levels commonly held by middle-American households: savings accounts, one-year certificates of deposit, credit cards, unsecured signature loans, and used car loans.