Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
IUSA TodayI headline on savings rates Consider a CU
WASHINGTON (4/2/08)--Consumers looking to generate better savings rates should join a credit union, USA Today Tuesday advised in an article, “Shopping for decent savings rates? You might consider a credit union.” The newspaper encouraged consumers looking to join a credit union to contact the Credit Union National Association (CUNA). Credit unions have fields of membership defined by region, geography, or place of employment, the newspaper stated. USA Today also interviewed CUNA CEO Dan Mica, who said credit unions offer lower interest rates than banks on credit cards, car loans and mortgages. Credit unions also often charge fewer ATM withdrawal fees. Credit unions have lower operating costs. They also are member-owned, and they don’t have to earn revenues to please shareholders, Mica told the newspaper. Credit unions also are not subject to federal income tax, the paper said. The article also recognized that some accountholders want to ensure that their deposits are safe. Credit unions are backed by the National Credit Union Administration (NCUA). If a credit union fails, the NCUA will find another credit union to manage the accounts or liquidate it. When a credit union is liquidated, members generally receive their money in three days, Mica told USA Today. Though many credit unions are federally insured, some are insured privately. Credit unions backed by the federal government have the NCUA logo displayed in their offices, the newspaper stated.
Other Resources

RSS print
News Now LiveWire
.@BelvoirFederal revamped the checking acct. it offers to active duty military members and achieved 23% growth on the product in 1 mo.
15 hours ago
.@FinancialCmte markup of Reg D Study Act set for Tuesday. CUNA will submit support letter. http://t.co/cDWkZ0Q0x1
19 hours ago
The 54th Western CUNA Management School graduated 89 students on July 25.
19 hours ago
.@CUNA Bank Secrecy Act training to reach 38 Mich. state examiners #NewsNow http://t.co/7HDPgwih8G
20 hours ago
St. Louis treasurer taps #creditunion to serve unbanked #NewsNow http://t.co/lWtcezJOej
7 25 ago