Safe, Sound, Local

“Financial Crisis.” “Economic Downturn.” “Wall Street bail out.”

If you’re like me, you might be a little overwhelmed. With the shape of the economy today there seems to be so much negative talk about the financial industry. However, not all institutions are in trouble - in fact, credit unions are thriving. If you’ve ever considered joining a credit union, now is the best time!

Credit unions are not-for-profit cooperatives that, like banks, offer a full line of financial products and services. However, credit unions return their profits to their members, not stockholders, in the form of lower fees and better rates. With the dysfunction on Wall Street, it’s also comforting to know that credit unions are local. They serve Main Street, not Wall Street. Credit union members’ deposits are federally insured to at least $250,000 by the NCUA, the National Credit Union Administration – just like the FDIC for banks.

Credit unions have a history of conservative, responsible lending practices, so they have never needed – or asked for – a tax-payer bail out. In fact, they have weathered every financial upheaval since the Depression of the 1930’s without ever costing taxpayers a penny or compromising their members’ deposits.

Generally, credit unions have been able to steer clear of subprime problems impacting other players in the financial marketplace because they do not engage in risky lending practices. As not-for-profit, non-market-based financial institutions, credit unions are, for the most part, shielded from the severe ups and downs of the stock market. The recent failures within the financial industry have proven just how important it is for Americans to have a cooperative, not-for-profit option.

So, if you’re looking for some good news, and a safe, sound, and local place to do your banking, check out a credit union. The best place to find one near you is at CreditUnionFacts.com.

 

ATM ATM

With gas prices at an obscenely high level, the last thing you want to do is drive to your bank to avoid a $2.00 (or more) ATM fee, right? You'd probably end up burning more than that in gas anyway. Luckily, this catch-22 is something fewer and fewer of us will have to worry about. Well, those of us belonging to a credit union, that is.

Did you know that most credit union ATMs are free? Yes, you read that correctly. And not only are they free, there're lots of them. I know what you're thinking – Credit union ATMs are only free if you're a member of that particular credit union. Think again.

Thousands of credit unions have formed a partnership with each other to share ATMs - and if you're a member of any participating credit union, you have free access to all of them! That's more than 25,000 free ATMs in the U.S.! In the Denver metro area alone, you can find over 950 of them, including one in almost every 7-11.

If you're a real skeptic, you're probably thinking – How am I supposed to keep track of so many ATMs? Here's the great part, just text your location to ATMATM (286286) and, within seconds, you'll receive a list of the nearest ATMs. This service accesses the CO-OP Network of ATMs, which are free for most credit union members. Since credit unions are financial cooperatives, that means they work in partnership with their members and each other. That's why they are able to offer so many free ATMs!

So next time you're out with your friends and need some quick cash, don't stress about it! Just text your location to ATMATM and enjoy the convenience of being a credit union member. Of course, the lower fees and great rates aren't exactly a bummer either!

 

Getting "nickel & dimed" by your bank?

Sometimes it feels like all we do is worry about money – where to put it, what to buy with it and how much of it we have (or, more to the point, don’t have).

Monster car loans, for one, can be a real drain. When buying a car, you often get asked, "What would you like your monthly payment to be?" Of course, that’s how one gets duped into a long payment plan often with a high interest rate. So you spend thousands more than the actual price of the vehicle. The lowest rates are rarely through banks. Many of us already know that we can find the lowest rates at credit unions, but we don’t know exactly why.

Credit unions are not-for-profit cooperatives that exist solely to serve the financial needs of their members, who are also owners. Profits are passed to those members in the way of lower fees, better rates and free ATMs. Imagine that – the "Average Joe" gets to reap the financial benefits instead of an out-of-state stockholder or investment firm.

Credit unions are also locally owned and democratically controlled, with each member getting one vote in electing the board of directors no matter how big or small their account balance. Basically, every member is a stockholder. And accounts are insured, just like banks. The National Credit Unions Administration (NCUA) is a federal agency (just like the FDIC for banks) that ensures members’ money is safe and fully insured up to $100,000 while certain retirement accounts are insured up to $250,000.

So there you go – safe, secure and more profitable for you. If you’re sick of getting “nickel and dimed” by your bank with inexplicable fees then there is a better way - check out a credit union. Go to CreditUnionFacts.com and see the facts for yourself!