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SEATTLE and NORTH PALM BEACH, Fla. (1/4/10)--Consumers seeking a New Year’s resolution may want to consider putting their finances in order--by joining a credit union or choosing a credit union share certificate, according to media outlets. Komo News, Seattle, recommended that consumers looking for a better place to keep their money should find a credit union, which offers lower fees and better interest rates than banks. A one-year certificate of deposit (CD) will yield 1.45% at a credit union, compared with 1.15% at a bank, the publication said (Dec. 31). Credit union credit cards also have interest rates about 20% lower than bank cards. Overdraft fees are about $19 less than banks, the news outlet said. In another article, Bankrate.com (Dec. 31) also noted the difference between credit union CDs and those offered by banks. Bankrate’s Don Taylor answered a reader question about credit union certificates versus bank CDs. The reader wanted to know if the credit union certificates were insured like bank CDs. Credit union CDs are insured by the National Credit Union Administration’s National Credit Union Share Insurance Fund (NCUSIF), which is backed by the government, he said. The limits on share insurance are the same as limits on Federal Deposit Insurance Corp. insurance--$250,000 per individual account, Taylor said. “I wouldn’t have any second thoughts about choosing NCUSIF-insured shares,” Taylor wrote. “You shouldn’t either. Besides, credit unions often offer higher interest rates than banks.”
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