Credit unions are available around the globe, all with the aim of providing convenience and benefits for members. A credit union’s ultimate mission is to serve their members in the most consumer friendly way possible. Check out the following advantages provided by credit unions and you’ll see why you and your credit union are a match made in financial heaven.
Switching to a new bank can be a hassle. It takes time and effort to close an account at one institution and open a new one at another. The complicated process alone can be enough to make you avoid the idea altogether. But if you’re struggling with unnecessary fees and inconvenient banking, then it might...
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It’s not easy trusting others with your finances. Banks can often take advantage of you and charge you fees and high interest rates, and may not provide you a strong return on your investments. A credit union changes the perception you may have about banks. Unlike a traditional bank, federal credit unions make your best...
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The perks of being a credit union member are many. Consumers are catching on to the friendlier services offered by credit unions, like the no monthly fee checking account and low interest rates. It's no wonder that membership has jumped from less than 84 million in 2004 to over 93 million in 2012. Still, some...
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Special interest groups believe credit unions should be taxed, but the nation’s 96 million members would most likely disagree. Lawmakers in Washington are hearing proposals to remove credit unions’ tax exempt status despite the economy having not yet fully recovered. What critics fail to realize is that if credit unions are taxed, a burden would...
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Free checking was once a standard offer from most large name banks only a few years ago. Some may still claim to provide “free” checking, but instead, they charge their customers an arm and a leg for overdrawing their account or using an ATM. It seems that customers nowadays are required to pay some sort...
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Credit unions are very similar to banks at first glance. Both offer services such as credit cards, checking accounts, home equity loans, auto and other loans. Though this may seem like everything you need to manage your finances, there are more convenient customer services offered to members that will make managing your money more rewarding....
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Most people don’t really give much thought to credit unions. Some may ask how they differ from traditional banks such as Citi, Wells Fargo, or Chase. Credit unions are different from traditional banks in that they are not-for-profit organizations and their board consists of elected volunteers, which are also members. Money that is invested is...
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Account holders don’t typically see all the ways in which banks and credit unions differ. The biggest difference between banks and credit unions is that credit unions are cooperative financial institutions where loans and other services are offered through money provided by individuals for nonprofit. Credit unions add members who meet certain requirements and who...
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The first credit union was established in Germany in the mid-1800s. Since the beginning, credit unions have operated on self-service principles in order to maintain democracy and equality among members and workers. Credit union pioneer, Hermann Schulze-Delitzsch, developed the bond of association to preserve these values of honesty and commonwealth, which is still currently present...
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The economy is a big political topic. There is a Senate Bill 2231 that will be presented to the Senate in the form of the Credit Union Small Business and Jobs Bill. The passing of this bill will help create 140,000 jobs and $13 billion in small business capital nationally, but it won’t cost taxpayers...
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Since corporate banks have been in the news lately, more often in a bad light, more people have been opting to leave their long-time relationships with large banks for more democratic banking with credit unions. With constantly changing monthly fees and uncertain account and loan rates, it’s no wonder credit unions are gaining more interest....
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In the news and on TV, we often hear talk about credit unions. Though we seem to have a general understanding of what they are, there are much more to them than we hear. Credit unions are member-owned financial cooperatives. They are controlled entirely by their members and have board members as well. Members are...
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Most people would avoid walking around with large amounts of money in their pockets. The risk of losing it or getting robbed is just too much. Instead, people look to find safety for their money in a checking or savings account, yet there is still much confusion about a credit union’s ability to keep your...
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Federal credit unions are increasingly gaining popularity for offering attractive rates for loans and savings accounts along with free checking. Unlike banks, credit unions offer a variety of ways to alter your credit score, gain financial security and experience the cohesion of community interaction. Extensive member support has allowed credit unions to flourish in today’s...
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The National Credit Union Administration (NCUA) is composed of office members who serve and oversee credit union relations nationally. Three members hold full-time positions, serving six-year terms appointed by the President of the United States and confirmed by the Senate and titled the Agency Leadership. The association is responsible for upholding and maintaining rules and...
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Finding out whether your credit union is federally insured is simple. If your credit union is federally insured, it means your money is too. First, it is important to know who regulates your branch. All federal credit unions are regulated by the National Credit Union Administration (NCUA) and are easily spotted by their name, which...
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