September 30, 2011 04:02 PM Eastern Daylight Time
Time is Right to Check out Credit Unions
- Low Fees, Competitive Rates & Excellent Service -
WASHINGTON--(BUSINESS WIRE)--While many banks are raising fees, credit unions — non-profit, member-owned financial institutions — continue to hold the line on costs. The National Association of Federal Credit Unions (NAFCU) encourages you to check out credit unions since they offer a safe, convenient place to save and borrow at reasonable rates. Here are just some of the advantages of membership:
- No- or low-fee checking accounts – Credit unions offer a wide range of products, including savings/checking accounts, debit cards, credit cards, auto and mortgage loans as well as the flexibility to do online banking.
- Convenience – Many credit unions participate in a shared branching network that gives members access to credit union locations in all 50 states. Credit unions also offer access to thousands of free ATMs nationwide, including at key 7-Eleven locations nationally. You can check out participating credit unions at www.CULookup.com.
- Low minimum balances – At some credit unions, you can open an account for as little as $5. At www.CULookup.com you can find the credit unions you are eligible to join.
- Lower interest rates on credit cards and loans – Federal credit unions cannot exceed 18 percent on credit card or loan rates, and most average much lower. You can compare rates between credit unions and banks at www.culookup.com/CompareCURates.
- Safe & sound – Deposits in the nation’s federal credit unions are federally insured through the National Credit Union Administration. NCUA carries the full faith-and-credit guarantee of the United States government at the same level as the Federal Deposit Insurance Corporation (FDIC). No credit union member has ever lost a penny of their federally insured funds.
Credit unions have been recognized by Consumer Reports, Consumer Federation of America and Money Magazine for their competitive rates and great service. According to a recent Credit Power Index, credit unions average more than five and a half points better for consumers than the interest rates found at banks.
The National Association of Federal Credit Unions is the only national organization that focuses exclusively on federal issues affecting credit unions, representing its members before the federal government and the public.
For the latest in credit union information, visit our Web site @ www.nafcu.org
