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NAFCU Champions Credit Unions During Financial Literacy Month
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NAFCU Champions Credit Unions During Financial Literacy Month
Washington (April 1, 2015) – The National Association of Federal Credit Unions (NAFCU) is celebrating Financial Literacy Month by championing the value of credit unions, which continue to offer many advantages over banks.
"Credit unions consistently offer low fees, competitive rates and great service," said Patty Briotta, NAFCU's director of public relations. "During Financial Literacy Month, we are encouraging everyone who wants to maximize their money to explore credit union membership. Joining a credit union opens the door to saving money in many different ways."
Top 5 Credit Union Benefits
1. Exceptional Service
As a member of a credit union — a not-for-profit, member-owned financial institution — you have a say in how it is operated. Credit unions are governed by a board of directors made up of volunteer members. Members, not profits, come first. Any "earnings" go to members in the form of lower fees and better rates.
In November 2014, the American Customer Satisfaction Index (ACSI) released a report that showed credit unions — with membership now surpassing 100 million — rank best among financial services providers and second- best among all 43 industries covered, with a high benchmark of 85.
2. Convenience/Technology
Credit unions have been quick to adopt Apple Pay and other innovative consumer financial services. According to a 2014 Malauzai Software survey that focused on banks and credit unions between $50 million and $15 billion in asset size, 65 percent of credit unions offer mobile banking apps; only 51 percent of banks do so.
Many credit unions participate in a shared branching network that gives members access to credit union locations in all 50 states. They also offer access to tens of thousands of free ATMs nationwide. In fact, with shared branching and vast ATM networks, credit union members can enjoy direct, surcharge-free access to their money.
3. Joining/switching is easy
Find a credit union to join atwww.culookup.com. You can apply at a branch or online. Many credit unions have online forms or "switch kits" that make switching a snap. It only takes a few minutes to open a new account and transfer funds. Once your account is established, you can also implement your automatic bill payment options.
4. Low minimum balances and credit union fees
At most credit unions, you can open an account for as little as $5, and most credit unions still offer no-fee checking. Nearly three-fourths of credit union checking accounts — 72 percent — have no balance requirements or monthly maintenance fees. That's in sharp contrast to banks, where only 38 percent of checking accounts are free, according to Bankrate's most recent survey of the nation's 50 largest credit unions.
5. Low interest rates on credit cards and loans
Recent figures show that the average rate for credit union reward credit cards is 9.93 percent, as compared with 12.35 percent at banks. Compare bank rates and credit union rates atwww.culookup.com/CompareCURates.
Deposits in the nation's federal credit unions are federally insured through the National Credit Union Administration. Credit unions offer a wide range of products, including savings/checking accounts, debit cards, credit cards and auto and mortgage loans, as well as online banking.
The National Association of Federal Credit Unions is the only national trade association that exclusively represents the interests of federally chartered credit unions before the federal government and the public.
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Contact: Patty Briotta | 703-842-2820 | pbriotta@nafcu.org
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