Moving Your Money? Then Try a Credit Union

We applaud the call for folks to move their money to local financial institutions; we just think that call should also include credit unions.

Credit unions, not-for-profit, member-owned financial institutions, have been widely recognized for their prudent business practices and great service. A key reason for this is that "profits" are returned to members in the form of lower fees and competitive rates.

This investment has paid off: Today, credit unions serve approximately 92 million members.

Federal credit unions also offer great rates on all types of loans, including automobiles, cars, credit cards, and mortgages. Credit card interest rates and other loans cannot exceed 18 percent at federal credit unions and usually average much lower. You can go to www.nafcu.org/dailyrates and compare rates between credit unions and banks.

In addition, while banks were tightening their commercial lending, credit unions member business loans have increased nearly 17 percent since Sept. 2008. In fact, through the third quarter of 2009, credit unions provided over 139,000 loans for a total of nearly $28 billion to their members.

To become a credit union member, you can go to www.CULookup.com and find the credit union(s) you are eligible to join. In addition to offering a full panoply of financial products and services, many credit unions also offer fee-free ATM network access through 7-11 convenience stores.

In addition, deposits in federally insured credit unions are protected up to $250,000 by the National Credit Union Administration, the same coverage provided to FDIC-insured bank deposits and also backed by the full faith and credit of the United States government.

Ultimately, credit unions offer a great choice for folks who want great service and products with lower fees and competitive rates.

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Comments

[TTAZ]

05:53 AM on 01/07/2010

I love my CU, switched from Chase when I bought my new car because of the lower rates on loans. Now I spend a lot of time abroad and the cost of banking has decreased significan­tly:
incoming wire fees: Chase=$15, DSFCU=$0
internatio­nal ATM fee: Chase=3%, DSFCU=1%
Oh yeah, not to mention the phenomenal customer service I get at my credit union.

[Timetheos]

11:46 PM on 01/06/2010

I love BECU. Good rates, good service.

[Stephen Bates]

11:46 PM on 01/06/2010

I'm definitely planning on switching to a credit union at some point soon.

[smarttart001]

10:15 AM on 01/12/2010

Do it today, Stephen! :) Dont wait!

[Connie Sullivan]

11:34 PM on 01/06/2010

I'm moving my money to a credit union where I already have a savings account. I am going in the morning to get things going to have my checking account there, too. Chase is my current bank and I just happened to have a Chase credit card. Chase increased the interest rate on my card so I had already opted out of that but am paying off the balance. The credit union will give me a Visa card w/ a very low interest rate. I'm mad at Chase and all the other big banks who could care less about us and only care about BIG profits! They won't have my money to use, anymore!!

[WakingLife]

11:23 PM on 01/06/2010

The majority of my money is in a credit union. And I love it. :D It's been great for me.

[Lisa Burke]

11:17 PM on 01/06/2010

Absolutely join a credit union! I'm so glad this idea (that I've been promoting for years individual­ly with acquaintan­ces) is now coming to the fore. I've had peace of mind my credit union for twenty years now and have always had peace of mind knowing no corporatio­n was benefittin­g--just me, as members are all part owners of their credit union. I could even sit on its board, which they encourage and solicit. I'm a high school English teacher in San Francisco, and my credit union is Sierra Point C U, just south of the city. Welcome to the movement!

[virginiamd]

10:27 PM on 01/06/2010

Love my credit union--SEC­U. They apply my credit card payments to amounts with higher interest rates FIRST, without my asking them to! Our local branch is friendly, and when I call the main office with questions, I get a human who gives me useful and accurate informatio­n! I can use ATMs in Target for free, so there's always an ATM.

I do keep an account with BOA, free because of a direct deposit made into the account. I'm thinking of leaving that account open, but moving my money each month as soon as it clears. That way I retain a free account, and BOA can't make any money from _MY_ money.

[Noonen]

10:21 PM on 01/06/2010

Thank you for the unbiased plug for tax advantaged credit unions

[Zimpod]

11:00 PM on 01/06/2010

Ah, a banker is in our midst; Noonen "Thank you for the unbiased plug for tax advantaged credit unions".

Tax advantaged­? Credit Unions don't pay Federal income taxes because they are member owned and not for profit. They stil pay plenty of State/Loca­l taxes. Credit Unions were NEVER de-regulat­ed like the banking industry was, and to this day, is the most heavily regulated segment of the financial industry (and the smallest market share at under 10%; and that's ALL CU assests combined).

And let me tell you another thing: Credit Unions didn't cause the Mortgage/C­redit MELTDOWN.
Credit Unions weren't allowed to make stupid loans, etc.
But a lot of good Credit Unions have been hurt by the ripple-eff­ect of the worst financial crisis since the Great Depression which was directly caused by the irresponsi­bility of the Banking industry.

[j-tho]

09:04 PM on 01/06/2010

yep ~ that's a much better answer than community banks ~ which can be just as orrupt, though on a smaller scale ~ as big banks.
it's on my list of things to do this week. leaving bank of america for my local credit union.
with pleasure.

[cocopuffed]

07:38 PM on 01/06/2010

i love my credit union... RAISE MY VISA RATE, WILL YA? goodbye chase manhattan bank.

[kylennblack]

05:14 PM on 01/06/2010

Been a credit union member for 15 years and couldn't be happier.

Right when the economic crisis began my CU sent out letters assuring us that 1) our money was FDIC insured up to $250k and 2) they did not nor have they ever engaged in credit default swaps, derivative­s, subprime loans and other casino banking practices.

Our money was safe and the CU was never at risk of becoming a zombie.

[doublels]

10:19 PM on 01/06/2010

I've banked at a credit union for 38 years. My current credit union did the same as yours with sending out info. My CU holds my mortgage, car loan, HELOC, a money market fund and my VISA is with them at a 10.9% rate. They are great...ve­ry customer oriented and I can always get someone on the phone if need be. YIPPEE for CU's.

[kylennblack]

10:22 AM on 01/08/2010

correction­: not FDIC but NCUA

[SunnyDaySam]

05:04 PM on 01/06/2010

I forgot to add; The only reason I didn't go with a CU in the past is because I thought one had to be in a special group or employed by certain companies. Upon researchin­g it, I found that most (in the state of WA anyway) credit unions have very broad membership requiremen­ts - basically if you ever breathed air in the state you could enroll. We do all finance online so that was one of our criteria. The CU we chose not only had better online services and navigation­, it also offered a Visa card with an interest rate that was a third of the one we had so they got that too. I can't reccomend credit unions enough.

[inthedesert]

03:52 PM on 01/06/2010

I opened both a checking and a savings account at a CU on Monday. By the end of this month all my banking will be done there and my accounts at a bank I have been with for over 20 years will be closed.
I like the idea that CUs are not-for-pr­ofit entities. I now will have free checking and all the online banking services that I had before. This was a no-brainer for me. I am thoroughly sick of the big banks and their bailouts. Although this act of mine wil not affect my old bank at all it certainly made me feel EMPOWERED and that's a rare feeling these days for an American.

[alexr0812]

03:40 PM on 01/06/2010

I can attest to that, I've been a happy member for over 15 years. Never, ever believed in any of those big banks offerings and here I am a happy camper with my modest gains. I think some word of mouth promotion is needed to bring back people to the community credit unions.

Thank you so much for offering a non-for-pr­ofit alternativ­e to those driven by greed banks. Keep up the great work.

[Noonen]

10:23 PM on 01/06/2010

So banks are greedy when they want their loans repaid, does that make the borrowers greedy when they don't repay them?

[Angie Tyne 1]

12:32 AM on 01/07/2010

You're not seriously going to defend 30% interest rates, are you?

[liblondmom]

03:33 PM on 01/06/2010

I didn't even KNOW what a credit union was10 years ago. Then I lost my job and B of A no longer gave me "free checking" as I was no longer employed by one of their "partner" companies. They wanted to charge me $18 a month for a checking account. Talk about kicking you when you're down! They were awful.

Fortunatel­y, I discovered the wonderful world of credit unions. I have been a member of two fabulous credit unions on Long Island, and wouldn't bank at a regular bank ever again. They don't care whether you have $100 or $One Million; they treat you the same. And their rates can't be beat.

They offer nearly identical services as a bank, but their rates, fees and personal service are superior. Why would you ever bank at a big bank is beyond me!