Money Tips

 

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Money Talk  

Click the icon to the left to listen to the Money Talk radio commercial.

 

 

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Not For Profit vs. For Profit - Better Your Experience!

Credit unions are nonprofit institutions that exist to serve their members – not profit from them. All of a credit union’s profits are returned to members in the form of fewer fees, lower rates on loans and higher rates on savings. Only a bank’s stockholders get to share in a bank’s profits – not its customers.

Rather than being a “customer”, you are a member at a credit union. Members own the credit union and therefore get to voice and vote in the direction of the credit union.

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Lower Rates on Loans - Better Your Interest!

Because credit unions are nonprofits, they must return profits back to their members. One benefit is that rates on loans for cars, homes or personal purchases are lower.

Watch for the new video coming in March!


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Types of Services - Better Your Team!

Credit unions offer many of the same services offered by banks such as credit cards, debit cards, loans, savings, checking, automatic payments, online bill pay, auto deposits and certificates of deposit. Lower fees and higher earnings is what makes these services a better choice at a credit union.


 

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Becoming A Member

Most people qualify to be a member based simply on the community where they live. Others can belong to a credit union where they work or go to school.



 

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Personal Service - Better Yourself!

Credit union members often say that it is the personal service they receive that keeps them happy at their credit union. Even in the city, that is what you’ll find in the smaller, home-town credit union.

 


 

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Concern For Community

Credit unions are known for being involved in their communities including helping people
of modest means.

 


 

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Higher Rates on Savings - Better Your Rate!

Another benefit of being a nonprofit is that interest earned on money in savings accounts is often higher than other financial institutions.

 


 

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Shared Branching

Members of a credit union can use other credit unions to make financial transactions at no charge.

 

 


 

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Benefits Of Membership (Actually, you get paid) - Better Your Life!

While there is a nominal fee to be a member at a credit union, that small fee actually remains in your account as long as it is opened. This small amount usually less than minimum balances required by banks. And ultimately, the savings on interest and fees and the earnings on accounts actually pay you!


 

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Soundness and Safety

Just as banks have FDIC insurance, money at the credit union is also backed by the full faith and credit of the federal government. The National Credit Union Share Insurance Fund (NCUSIF) insures a member’s shares on deposit at a credit union up to a minimum of $250,000.

 


 

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Member Voting (vs. Stockholders)

Because customers actually hold a membership in their credit union, they get to vote on issues effecting the credit union. Only bank customers who are also stockholders get to say that.

 


 

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Financial Literacy

Cooperatives provide education and training for members, elected representatives, managers and employees so they can contribute effectively to the development of the cooperative. Credit unions place particular importance on educational opportunities for their volunteer directors, and financial education for their members and the public, especially the nation’s youth. Credit unions also recognize the importance of ensuring the general public and policy makers are informed about the nature, structure and benefits of cooperatives.


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Dividends

When credit unions make profit, members see a dividend payment arrive. Yes, not only will you save money on interest and fees, but you’ll actually earn a small profit every time the credit union does.