100 best workplaces for millennials06/26/2015FORTUNE ranks the first-ever “100 Best Workplaces for Millennials” and credit unions made the list. Mountain America Credit Union landed at no. 47 on the list while Financial FCU took 94th and Michigan State University (MSU) FCU nabbed 97th place. Millennials account for at least 40% of the workforce among these credit unions and at MSU FCU 63% of its workforce is comprised of millennials!
Differences between banks and credit unions06/23/2015Banks and credit unions may seem similar, but there are key differences. The true credit union difference boils down to their structure. Credit unions are not-for-profit and owned by their members, not shareholders, tied together by a common form of membership. In addition, credit unions have volunteers that serve on the board of directors, which members are eligible to vote or serve on. It’s not what credit unions do, it’s how they do it that makes a lasting difference in the financial industry and in the member’s lives.
Best savings account rates today06/22/2015Credit unions are continually recognized as the best place to go for saving account rates. Credit unions listed with the best savings rates in the latest roundup include: Guardian Credit Union, which offers members 5.10% APY with a RoundUp Savings account. Digital Federal Credit Union, which yields 3.04% APY on the initial $500 deposited and 0.05% after that.
Travis Credit Union offers free teen financial boot camp06/17/2015Travis
Credit Union hosts a financial education “stimulation” for high school students
called, Mad City Money. This virtual
life, computer stimulation engages teens and gets them thinking about basic
Credit unions grow in size and services, shrink in number06/15/2015Current existing credit unions are experiencing
growth in members, services, asset size and profits! Callahan & Associates
predicts that America’s credit unions will set a record in the number of loans
and capital this year. In the first quarter, credit unions saw a 10.6% increase
in loan volume and capital rose to 8% above last year’s average.
Banks, retailers debate cyberdata security bills06/15/2015Banks
and credit unions unite in order to hold retailers accountable for data
breaches. Several proposed bills including, the Data Security Act of 2015, aims
to hold merchants at the same level of responsibility when it comes to data
Here’s how too many people throw money away06/14/2015One
of the common ways consumers are throwing their money away is paying bank fees.
Consumers can easily save money, by switching to a credit union. Credit unions
usually offer free checking and savings accounts and have better interest
rates. Credit unions believe consumers shouldn’t have to pay out of pocket for
basic banking services.
Rising loan volumes raising credit union fortunes06/13/2015Thanks
to a boom in car sales and financing, loan volumes have skyrocketed at credit
unions in San Joaquin County. “Vehicle
loans are driving the growth in 2015 at a rate of almost 16% annualized,”
commented Dwight Johnston, CA Credit Union League chief economist. Another sign
that the economy is coming back.
The Johnny Appleseed approach to seed more native credit unions06/10/2015After three years of trying to get a
credit union chartered, the Seneca Nation of Indians will finally have their
own credit union. Beginning in August, the credit union will provide service
excellence to Seneca tribal members, which many are unbanked and don't have
access to credit. Initial credit union products that will be offered include:
share accounts, checking, secured and unsecured loans, car loans, debit cards,
money orders, and bill payments.
Credit unions serve those banks won't06/09/2015President/CEO of the League of
Southeastern Credit Unions & Affiliates, Patrick La Pine, responds to the
Florida Banks Association recent attack on the credit union tax exemption
status. La Pine explains the real reason why it's tough for local banks to
compete in the financial sector is because 'out-of-state banks operating in
Florida control 75.7% of total bank deposits in the state.' Since Florida banks
are for profit they have to pass their earning to stockholders which have
totaled $3.1 billion in the past ten years.
Credit union advocacy drives Towpath's Rose Bartolomucci06/08/2015Credit union leaders commend Towpath Credit Union CEO, Rose Bartolomucci, as an outstanding credit union movement leader. Bartolomucci's passion for credit unions began when she worked in her church's credit union office, helping with ledger entries, as a teenager. CUNA's Jim Nussle describes Rose as "a passionate advocate for credit unions and a well-respected leader in the credit union system."
Credit union vs. bank: 4 major differences06/07/2015While credit unions and banks can be
similar in the products and services they offer, there are four areas where
they greatly contrast in: ownership, profits, size and reach, and regulation.
Positively KELOLAND: credit union's gas giveaway06/04/2015Voyage Federal Credit Union
demonstrated service excellence when celebrating its 75th anniversary by giving
away $75 every day for 75 straight days. One of the giveaways included free gas
at a local station. Not only did the credit union pay for the gas, but Voyage
COO, Jeff Schmidt even pumped it himself.
How credit unions, as a group, will become the largest auto lender06/03/2015Credit unions are positioned to take
over the auto lender market. At some point the industry is going to spiral down
again, when that happens, banks will pull away from auto lending. A national
bank could decide to pull out of lending in multiple states, while credit
unions and car dealerships will always remain the same giving credit unions a
huge opening in the auto loan market. With the help of CU Direct's CUDL
platform, credit unions have jumped to third place among auto loan lenders in
Credit unions like being behind the wheel in loan market06/01/2015Credit unions take the wheel in the
auto finance market in both new and used car lending, according to CUNA Mutual
Group. Reasons behind this loan market growth include: credit unions wanting to
improve low net interest margins and members, who want to borrow because of
demand and a better financial condition.
A short term loan alternative to costly payday lending05/29/2015Payday lending can be extremely
costly for consumers due to very high interest rates and fees. Credit unions
offer alternative payday lending option called Payday Alternative Loans (PAL)
for those who need payday lending services but don't want their members to be
stuck in the typical debt cycle that can accompany these loans. This is yet
another example of the credit union difference.
Why credit unions are running circles around banks05/28/2015Credit unions continue to thrive and
gain consumer support because credit unions prioritize everything they do
around their member's experience and needs. The model and foundation of credit
unions as not-for-profit, member-owned financial institutions, with superior
customer service works.
Credit unions, taxes, and dishonest bankers05/28/2015Ryan Ellis, of Americans for Tax
Reform, reveals the real reason behind banks' recent attacks on credit unions
tax exempt status, "It's about one industry player trying to mug a
competitor with higher taxes." The motives behind these attacks aren't for
tax reform but purely to tax their competition, credit unions. Taxing credit
unions would shift the power in the financial industry to the banks, thus
achieving a market advantage.
Ways to help get out of credit card debt05/28/2015Kelly Childress, CEO of 1st Ed
Credit Union, shares her insights on how to manage credit card debt and how
credit unions typically offer members a better deal on credit cards.
Credit unions rank high in service05/26/2015Credit unions are once again making headlines for quality and service. According to the 2015 Temkin Ratings, consumers rate the customer service they receive at credit unions higher than the service at some of the nation's most popular companies. Overall the USAA took the top spot at 79%, followed by Chick-fil-A at 75%. Credit unions came in third at 74%.