Tag Archives: Credit Unions

650,000 Americans Joined Credit Unions Last Month — More Than In All Of 2010 Combined

This is great news!  As a happy Credit Union Member for over 20 years, all I can say is welcome!  You will be very happy here.

I’ve said it again and again:  I don’t understand why anyone wants to bank with the big national banks.  They will screw you on fees and treat you like dirt.  Take your money to a Credit Union where you are one of the owners helping other owners and community members.

From ThinkProgress.org:

One of the tactics the 99 Percenters are using to take back the country from the 1 percent is to move their money from big banks to credit unions, community banks, and other smaller financial unions that aren’t gambling with our nation’s future.

Now, the Credit Union National Association (CUNA) reports that a whopping 650,000 Americans have joined credit unions since Sept. 29 — the date that Bank of America announced it would start charging a $5 monthly debit fee, a move it backed down on this week.

To put that in perspective, there were only 600,000 new members for credit unions in all of 2010. “These results indicate that consumers are clearly making a smarter choice by moving to credit unions where, on average, they will save about $70 a year in fewer or no fees, lower rates on loans and higher return on savings,” said CUNA President Bill Cheney.

This Saturday, 99 Percenters are calling on Americans to move their money from big banks to credit unions and community banks on what is being called “Bank Transfer Day.” If you want to stand with the 99 Percent and take part in this action, use the Move Your Money project’s community bank and credit union finder tool to find out how.

via 650,000 Americans Joined Credit Unions Last Month — More Than In All Of 2010 Combined | ThinkProgress.

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Why Credit Unions Are a Better Financial Choice For Us Than Big Banks

I’ve been with a Credit Union for over 20 years and can offer only praise for their services and costs.  I can’t imagine why anyone would chose a bank-especially a big bank- over a Credit Union.

With Credit Unions, you are not just a customer, but part owner.  Rates are better, service is better and even the smallest Credit Unions generally offer all the same services as big Banks.

My advice:  Move your business to a Credit Union today!  It’s not just best for you, it’s better for the economy and the country as a whole…..

From Daily Finance:

 

With big banks adding new fees or increasing existing fees, credit unions have been able to capitalize on the growing discontent with the financial services behemoths. Bank of Americas BAC $5 debit-card-fee fiasco alone is responsible for 20% to 50% of the new accounts at some credit unions — and new accounts have been growing steadily in recent months.Thats because many credit unions are offering cash back or reward points for debit card usage, not fees. There are other perks, too, to get you to move your business. For example, the Co-op Services Credit Union of Michigan has been successfully offering $105 to those who switch to them from a regular bank.

And credit unions are reaching out to business customers, too. FDIC data has shown bank business lending shrinking over the past year or so, while credit union commercial lending is growing.

Dollars and cents arent the only reason people are moving their money to credit unions. The fundamental setup of the system is vastly different from that at big banks. While a bank is a for-profit business, aiming to maximize earnings for its shareholders, credit unions are nonprofits. While youre simply a customer of a bank, youll be a member of a credit union, owning the whole thing along with your fellow members.

via Why Credit Unions Are a Better Financial Choice For Us Than Big Banks – DailyFinance.

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Filed under Occupy Wall Street, The Economy