John Radebaugh: credit unions work for customers, not profit09/29/2016Carolinas Credit Union League President/CEO John Radebaugh explains how the Wells Fargo sales scandal gave stockholders a greater return on their investment. Radebaugh says that this would never happen at a credit union because they're not-for-profit cooperatives. Instead, credit union profits are returned to their member-owners in the form of lower interest rates on loans, higher interest rates on savings and lower fees.
Four myths about credit unions, debunked09/28/2016LifeHacker touts the benefits of being a credit union member. Credit unions earn profits that are returned to the members in the form of lower interest rates on loans and higher rates on savings. In addition, joining a credit union is easier than you think, while some pertain to specific industries, many memberships are open to all. Furthermore, credit unions are the most convenient, with over 30,000 participating branches or ATMs in the country! To get started, visit aSmarterChoice.org to find the credit union nearest you.
Caught in a Wells Fargo web? Here’s how to get untangled09/27/2016The best way to untangle yourself from the Wells Fargo sales scandal is to join a credit union. Credit unions are not-for-profit financial institutions who have members, not shareholders, that returned earned profits in the form of lower fees and rates. “The major difference in credit unions is looking to see how decisions will benefit the membership. That perspective drives our culture,” commented Boeing Employee's Credit Union Spokesman Todd Pietzsch.
“Making it easier to pay off student debt:” UW Credit Union expands eligibility to all college students09/27/2016UW Credit Union expands membership to help students pay off their debt. Wisconsin Governor Scott Walker and UW Credit Union President/CEO Paul Kundert announced plans to make it easier for current and former students in Wisconsin to pay off their debt. “Here at the credit union, we are passionate about meeting the financial service needs of young consumers and we are a leader among the credit unions in the nation in providing lending solutions to members attending institutions of higher education,” explained Kundert.
Fixing your finances: money lessons to teach your children09/21/2016Lanco Federal Credit Union Business Development Manager Steve Turpin offers advice on how to teach children about money. Parents can start by setting up a weekly allowance and encouraging them to save a percentage of their earnings in a savings account at a credit union. For teenagers, it's very important to not only teach them about finances but get them to start budgeting. “At Lanco Federal Credit Union, we love to go into the high schools and we teach them on budgeting and do financial literacy fairs to get them involved and show them how they can do their monthly purchases,” explained Turpin.
Credit unions vs banks: what's the difference?09/20/2016WOTV 4 Women home expert Jerri Schmidt explains the credit union difference and what makes it stand apart from other financial institutions. While credit unions and banks offer the same array of financial services, credit unions are able to offer better rates on loans and financial products because of their not-for-profit structure. Best of all, members don't have to pay a fee to belong and anyone can join!
PenFed CEO, James Schenck, discusses the PenFed Foundation09/20/2016PenFed CEO James Schenck explains the 'night and day' difference between credit unions and banks. Credit unions exist to serve their members by meeting their financial needs in the form of lower rates, fewer fees and investing in their communities. As CEO, Schenk says his number one job is “to give the value back to our members” which he says, “is the best job.”
WYFF-409/20/2016Students at Greenville Senior High School get hands-on experience by working at Greenville Federal Credit Union student branch. 'The Branch' allows students to gain real world work experience that they can use in their future careers. Greenville Federal Credit Union Vice President Matt Tebbetts said “we will certainly love to pave the path for them” if they wish to choose a career in the finance or credit union industry. This also appeared in the Greenville Journal.
Consumers pay for errant merchant markup09/20/2016League of Southeastern Credit Unions board chairman and McCoy Federal Credit Union CEO Alvin “AC” Cowans calls for a repeal of the Durbin Amendment. Credit unions and small businesses are struggling under the weight of the Durbin Amendment's over-regulation. The only ones benefitting under this amendment are the retailers who are pocketing an additional $36 billion by not passing savings along to customers. “It's time to bring back free-market principles and allow the marketplace to do its job. Consumers deserve more choices, lower prices and better products,” explained Cowans.
Kinetic Credit Union now has app for mobile use of debit, credit cards09/17/2016Kinetic Credit Union introduces CardValet, a new mobile app that protects debit and credit cards from fraud. “With this new and powerful debit and credit card management tool, our members can set parameters for when, where and how their Kinetic cards are used,” explained Kinetic President/CEO Janet Davis. In addition, CardValet allows members to 'switch off' their cards when not in use, restrict usage by a particular merchant and implement a spending limit.
Wells Fargo case shows need for credit unions09/16/2016Iowa Credit Union League President and CEO Patrick Jury pens an op-ed regarding the recent settlement between Wells Fargo and the City of Los Angeles. The City of Los Angeles sued Wells Fargo for alleged unethical conduct by opening more than 2 million unauthorized accounts and collecting more than $2 million in unearned fees. As a result, Wells Fargo has been hit with $185 million in fines to the Consumer Financial Protection Bureau and others, as well as $5 million in 'customer remediation.' The situation, Jury writes, “underscores an unethical corporate culture, driven by profits and greed, which fosters corrupt behavior.” He adds, “Thank goodness credit unions exist to provide that cooperative alternative for more than 1 million members in Iowa.”
How to pick a bank or credit union you can trus09/15/2016It's never been easy to trust a bank, especially with the recent news from Wells Fargo. Unlike banks, credit unions don't have shareholders they have to please, instead they answer to their members. As a credit union member, you have the right to vote and run to be on the board of directors. Each member gets one vote-not dependent on how much money you have deposited. Members of the board of directors mostly serve on a volunteer basis and receive no compensation - this process guarantees that members' best interests are looked out for.
Facebook’s mobile strategy inspires a credit union’s security plan09/14/2016San Antonio Federal Credit Union implements mobile app strategy similar to Facebook. Social media giant Facebook branched off from its primary app by sending its users to a separate 'messaging' app. Despite the separation, Facebook linked the two apps together to maintain a sense of unity. San Antonio FCU is in the process of testing a “subordinate app” model where users will be required to download a second app, Card Control, within the credit union's main app. Card Control lets members turn their cards on or off at any time and lets them set spending limits. Helps identify fraudulent transactions and can scan receipts for reimbursements. Once completed, both apps will send users “back and forth, the same way Facebook and Facebook Messenger work,” explained San Antonio FU emerging channels innovation architect Adele Glenn. “It's a seamless experience, but again, in two separate apps,” continued Glenn.
Is a credit union mortgage right for you? 7 ways to find out09/13/2016When shopping for the best home mortgage, consider one from your local credit union. Credit unions offer personalized service where loan officers take the time to explain with borrowers which loan is best suited for them. As a not-for-profit cooperative, credit unions are able to offer better rates, and often faster closings, than any other financial institution. It's just another way credit unions put people before profit.
Scott Credit Union pledges $250,000 for new St. Elizabeth’s hospital09/12/2016Scott Credit Union invests in local community by donating $250,000 to a new St. Elizabeth's Hospital. The hospital will offer state-of-the-art medical technology, such as a mobile app to call for a nurse, electronic health records available in each patient room, and high resolution video feeds to assist with imaging, surgery, and telemedicine services. “Scott Credit Union has enjoyed great success in the communities we serve and understand we have a responsibility to give back and support our communities whenever possible. This is another great opportunity for us to give back to the residents of St. Clair County,” explained Scott Credit Union president/CEO Frank Padak.
Credit unions vs banks: What’s the difference?09/12/2016The difference between banks vs credit unions lie deep within their very bones. Banks are for-profit financial institutions that are owned by private owners or stockholders. Credit unions are not-for-profit financial institutions owned by their members, who have equal ownership stakes. When it comes to superior service, credit unions are continually ranked higher than banks according to the American Customer Satisfaction Index. All of these factors and more resonate well with 107.2 million credit union members in America!
Summit Credit Union finds branch traffic robust even as online banking grows09/11/2016Despite rise in mobile banking, Summit Credit Union doesn't see decline in brick and mortar transactions. Summit Credit Union Senior Vice President of Operations Rebecca Gerothanas explains that while their mobile banking app is growing, people are still wanting one-on-one in-person transactions. As the second largest credit union in Wisconsin, Summit CU is always on the lookout to be forward thinking, especially with their technology.
Count ‘em: 2 simple rules for reducing credit card debt09/08/2016The Urban Institute's 'two rules of thumb' can help consumers reduce credit card debt. The institute tested the rule - use cash for purchases under $20 and be mindful of 20% charge imposed on plastic transactions - on nearly 14,000 Arizona Federal Credit Union credit card members. In their controlled experiment, some of the credit card members received reminders of the rules while others didn't. Those who received the reminders lowered their debt by 2% after six months.
Credit unions ramp up private student lending09/07/2016Credit unions are ramping up lending in the student loan market. Some 275 financial institutions, mostly comprised of credit unions, are on pace to extend $221 million in private student loans during the two calendar years through December, up 51% from the two-year stretch ended December 2014, according to a new report from LendKey.
Scoring free checking at credit unions09/07/2016Consumers seeking free checking accounts should head to their nearest credit union. According to Bankrate, 76% of America's credit unions offer free checking - that's more than twice the rate of banks offering free checking. Credit unions are in the business to serve their members. Thanks to their not-for-profit structure, they're able to return earnings to their members in the form of lower fees, better rates and free checking.