GenFed Financial

Pros And Cons Of Credit Unions — And There Aren’t Many Cons

genfedfcu — Fri, 03 Jun 2011 14:25:25 +0000

This post provided by SavingsAccounts.com.

Tired of paying exorbitant bank fees on everything from ATM withdrawals to monthly account maintenance? Want to be earning a better interest rate on your savings account?

It might be time to look into switching to a credit union. A credit union functions a lot like a bank, but it’s built on a different business model. One that is, as a general rule, friendlier to customers. That can mean big savings on fees, and better interest rates on both savings and loans.

To read the full article: http://blogs.forbes.com/moneybuilder/2011/06/01/pros-and-cons-of-credit-unions-and-there-arent-many-cons/

CUs’ checking accounts best: Schenk to Bankrate

genfedfcu — Wed, 13 Apr 2011 12:33:12 +0000

MADISON, Wis. (4/13/11)–When it comes to offering higher interest rates, credit union interest checking accounts regularly outdo other types of accounts–including those of banks–Mike Schenk, vice president of research and statistics at the Credit Union National Association, told Bankrate Tuesday.

http://www.cuna.org/newsnow/11/system041211-8.html?ref=hed

Is It Time To Switch To A Credit Union?

genfedfcu — Thu, 07 Apr 2011 13:14:35 +0000

Times are good for credit card divisions at most major banks right now. Credit card APRs have remained stubbornly high, only slightly off the peak reached in February of 2010, while banks’ borrowing rates are still at historic lows, fueling great profit margins at credit card companies.

Read the full article: http://blogs.forbes.com/moneybuilder/2011/04/06/is-it-time-to-switch-to-a-credit-union/

Credit Unions Offering More Services

genfedfcu — Tue, 08 Mar 2011 16:04:56 +0000

Credit unions, which as a group weathered the financial crisis better than banks, have been expanding their range of products and offerings recently. Today, credit unions offer much more than just ordinary deposit accounts and loans. A growing number are rolling out student and small business loans, mobile banking and even reward programs. This trend is happening even as banks are curtailing perks like debit rewards, and tightening standards for lending.

For the full article: http://www.walletpop.com/2011/03/07/credit-unions-offering-more-services/

What are The Requirements to Join a Credit Union?

genfedfcu — Mon, 07 Mar 2011 19:33:39 +0000

While most people gain access to a credit union through their employer, there are other ways to join the nonprofit financial institutions: All it takes is a little research.

For the full article: http://www.foxbusiness.com/personal-finance/2011/02/24/requirements-join-credit-union/#

Banking at credit unions, community banks

genfedfcu — Thu, 03 Mar 2011 14:05:18 +0000

Are you fed up with your bank?

You’re not alone.

The Move Your Money movement launched in late December 2009 and is urging bank customers angered by the reckless lending practices of too-big-too-fail national banks to move their money to a community bank or credit union.

Best Way to Get Free Checking

genfedfcu — Wed, 02 Mar 2011 16:02:04 +0000

While many banks are shifting away from free checking accounts, the country’s biggest credit unions are bucking the trend. Bankrate.com’s 2011 Credit Union Checking Study examined 50 major credit unions – not-for-profit financial institutions that are owned and controlled by members – and found that a 96% still offered free checking accounts or accounts that can become free as long as you meet certain conditions, such as keeping a minimum balance.

Read the full article here: http://moneywatch.bnet.com/saving-money/blog/so-money/best-way-to-get-free-checking/1513/?tag=col1%3Bfd-banner-news

Ferreting out free checking

genfedfcu — Mon, 24 Jan 2011 14:19:17 +0000

If you’re facing monthly fees, you have plenty of alternatives.

Several megabanks are eliminating unrestricted free checking accounts, but that doesn’t mean you should resign yourself to paying monthly “maintenance” fees. Plenty of financial institutions continue to offer free checking.

To read the rest of the article from The Chicago Tribune, click here: http://www.chicagotribune.com/news/sc-cons-0120-karp-20110121,0,81244.story

4 Ways to Beat the New High Bank Fees

genfedfcu — Wed, 19 Jan 2011 14:09:14 +0000

Is your bank jacking up its fees on your checking account? You have one great response available. Move your money. Now. Find an institution that competes for your business on price as well as service — probably an online bank, community bank, or credit union. Even pre-paid debit cards can be a smarter choice than a checking account from Chase at $6 or $12 a month.

How a Credit Union Membership Could Save You More Money

genfedfcu — Wed, 01 Dec 2010 14:33:39 +0000

From GoBankingRates.com.

When most people think of depositing money at a financial institution, banks usually come to mind far more often than credit unions. This is mainly because many people consider credit unions to be exclusive clubs that only a select few can join.

However, times have changed and now just about anyone can join a credit union in their city. Plus, the really good news is that joining one often offers perks that banks just can’t compete with–so much so that they help you save more than what is already in your account.

Read the full article: http://www.gobankingrates.com/banking/credit-union-memberships-save-you-money/