Banks vs Credit Unions
What makes a credit union different?
Millions of Americans choose to do business with a credit union, instead of turning to big banks for their financial needs. And no wonder–credit unions have been a consumer favorite for service and customer satisfaction in the independent American Banker/Gallup poll every year since it began in 1983, according to the Home & Family Finance® Resource Center.
So what are differences between big banks and a credit unions?
Credit unions are member-owned
Credit unions are cooperative financial institutions that are owned and controlled by their members, the people who use the credit unions’ services. Credit unions usually serve groups that share something in common: where they work, live, or go to church. When you bank at a big bank, that institution is owned by investors and shareholders.
Credit unions are not-for profit
When you do business with a credit union, all profits are returned to you, the member. You can see this in the form of lower interest rates, higher dividends and better service. Big banks, on the other hand, have many fees and policies that boost profits for their investors and shareholders. Banks pay their boards big salaries while credit unions have volunteer board members.
Deposits at credit unions are insured through the NCUA
The National Credit Union Association insures federal and state credit union accounts up to $250,000. The NCUA is the independent federal agency that charters and supervises federal credit unions. NCUA, backed of the full faith and credit of the U.S. government, operates the National Credit Union Share Insurance Fund (NCUSIF) insuring the savings of 80 million account holders in all federal credit unions and many state-chartered credit unions. The credit union system is not reimbursed through taxpayer dollars when banks go under, as is the FDIC; credit unions operate on a “pay as you go” system.
Thousands of convenient locations
One of the biggest misconceptions about credit unions is that they are outnumbered by big banks in terms of branch and ATM locations. In many cases, this simply is not true.
Tech CU, for example, offers Shared Branching so even if there isn’t a Tech CU Financial Center nearby, you can still access your accounts through an in-branch visit at more than 5,600 locations internationally that are part of the CU Service Centers Financial Network.
www.techcu.com
Some credit union members also have access to over 60,000* surcharge-free ATMs nationwide, if their credit unions are part of the ATM networks such as Allpoint and CO-OP. Combined, these two networks represent the largest number of surcharge-free ATMs in the country!
Another misconception is that credit unions don’t offer the products and services that big banks do. That’s not true either.
Credit unions offer all things financial: checking, savings, Certificate, Money Market, IRA accounts along with mortgage and auto loans, credit cards, investment programs and business services… you name it, they’ve got it. And if you’re on the go, most credit unions have online and mobile banking too. In fact, with a credit union, you can get all the products and services you’d expect from the big banks, but without all the high fees. What’s not to love?
Here’s a fun video that explains the difference between big banks and credit unions in more detail:
From products and services to locations and fees, whether you choose a bank or credit union for your financial needs, knowing the differences can help you make the most of your money.
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You don’t have to spend a bundle to have a great time with your sweetheart. Here’s a great article for cheap… ahem… affordable date ideas. Full story
Saving money in plain English
Here’s a fun and easy way to get you thinking about saving money, and how to make the most out of your interest-bearing accounts. And, you’ll notice, it’s what we’ve been saying at ‘Grow Your Green’: save a little every day and before you know it, you’ll have reached your savings goal!
Original: http://www.youtube.com/watch?v=KqDsevMW7Ds
Q&A with Jeremy – GYG $100 winner, May
What are you saving for?
Planning to take a well deserved vacation to Hawaii with friends from college. Now that we’ve all graduated, it’s about time we escape the stresses of classes and work for a week or two!
What steps are you taking to save each month?
I’ve budgeted the costs of the whole trip (flight, hotel, rental, food, etc) so I just have to deposit the minimum amount each month until our trip. As soon as my paycheck comes in money goes right into the savings, and anything left over at the end of the month gets thrown in there too.
What is your biggest obstacle to keep a consistent savings plan?
Some weekends I go out with friends and spend more money than I should, so I’ve learned to sacrifice frivolous spending and focus on the big picture–Hawaii!
Has the current economy affected your saving plan at all?
With gas prices fluxing and paying toll for my commute, I’ve started to carpool and even ride my bicycle to work most days of the week. Other than that, the current economy hasn’t affected me much.
Do you have any savings tips for the other ‘Grow Your Green’ savers?
Figure out what things you’re saving for, how much each costs, and prioritize its importance. That way you can get an idea of how much to put away every month. Remember some things are worth waiting for. We all have bills to pay, so its important to know exactly what and how much you need to save.
Cheap ways to enjoy the July 4th weekend
Even if you’re trying to save more money this year and you can’t afford a big-ticket vacation, you still don’t have to just sit at home during the Independence Day holiday weekend.
We’ve got some great (and affordable) attractions right here in our own backyard.
Fisherman’s Wharf
The world famous tourist attraction is best known for Pier 39, San Francisco Maritime National Historical Park, the Cannery Shopping Center, Ghirardelli Square, a Ripley’s Believe it or Not museum, the Musée Mécanique, the Wax Museum at Fisherman’s Wharf, Forbes Island and restaurants and stands that serve fresh seafood, most notably dungeness crab and clam chowder served in a sourdough bread bowl.*
And just for the occasion, you can catch the City of San Francisco’s Independence Day Concert, a special live, all-day concert free to the public, followed by the fireworks show along the waterfront at 9 p.m.
For more information, visit the Fisherman Wharf’s official site.
Fine Arts Museum of San Francisco
The Legion of Honor
You can browse a collection of 4,000 years of ancient and European art in a setting that overlooks the Golden Gate Bridge. Current exhibits include: John Baldessari: A Print Retrospective from the Collections of Jordan D. Schnitzer and His Family Foundation and Waking Dreams: Max Klinger and the Symbolist Print.
de Young Musuem
Check out this showcase collection of American art from the 17th through the 20th centuries, and art of the native Americas, Africa, and the Pacific. Don’t miss out on the famous King Tut exhibit: Tutankhamun and the Golden Age of the Pharaohs. It runs through March 28, 2010.
Hours & Admissions
Open six days a week, Tuesday through Sunday, 9:30 a.m.–5:15 p.m.
(The Museum is open until 3:30 pm on July 4.)
Adults: $10.00
Seniors 65 and over: $7.00
Youth 13-17: $6.00
Children 12 and under: FREE
(Muni riders with Fast Pass or transfer receive a $2 discount.)
Admission tickets to the Legion include same-day general admission to the de Young (special exhibitions fees not included).
For more information, visit Fine Arts Museum of San Francisco.
Japanese Tea Garden
The Japanese Tea Garden in San Francisco, California, is a popular feature of Golden Gate Park, originally built as part of a sprawling World’s Fair, the California Midwinter International Exposition of 1894. For more than 20 years San Francisco Parks Trusts’ Park Guides have given free tours to San Francisco Parks trust members, providing context and history for this historic Japanese-style garden.
The oldest public Japanese garden in the United States, this complex of many paths, ponds and a teahouse features native Japanese and Chinese plants. Also hidden throughout its five acres are sculptures and bridges.*
Hours & Admissions
Open daily, 8:30 a.m. – 6 p.m.
Adults: $3.50
Seniors 65 and over: $1.25
Youth 6-12: $1.25
For more information, visit San Francisco Parks Trust, or call (415) 752-4227.
Great America
The amusement park, located in Santa Clara, boasts dozens of thrill and and family rides, as well as themed areas such as Nickelodeon™ Central, KidZville®, and Boomerang Bay. You can also catch live stage productions throughout the day.
Hours & Admissions
Check calendar
Adults: $54.99
Youth and Seniors (Ages 3-6 AND UNDER 48″, ages 62+): $35.99
After 4 p.m.: $29.99
For more information, visit California’s Great America.
Bonfante Gardens / Gilroy Gardens
This Gilroy Gardens park is designed to educate guests and to foster a greater appreciation of horticulture. The Park features over 40 rides, attractions, educational exhibits and majestic gardens. You can see the Monarch Garden – in a greenhouse so large that a train, a monorail, and a river runs through it, “Quicksilver Express” mine coaster, boat rides through gardens of annual color and an antique car ride where you travel through the “back roads” of South County in cars from the 1920’s or 1950’s.
Hours & Admissions
Check calendar
Adults: $42.99
Seniors 65 and over: $32.99
Child 3-6: $32.99
For more information, visit Gilroy Gardens.
Monterey Bay Aquarium
The Monterey Bay Aquarium offers nearly 200 award-winning galleries and exhibits. The aquarium is second largest aquarium in the world. It has an annual attendance of 1.8 million and holds 35,000 plants and animals representing 623 species.*
Hours & Admissions
Check calendar
Adults: $29.95
Seniors 65 and over: $27.95
Student (13-17, college ID): $27.95
Child 3-12: $17.95
Child under 3: FREE
For more information, visit Monterey Bay Aquarium.
*Source: Wikipedia.com
