Thank you for participating in the Grow Your Green Savings Challenge

Hi!

It’s Cash Cat here, and I want to thank you for participating in the Grow Your Green Savings Challenge of 2009. Your hard work in the savings challenge and your activity in the online community throughout the year have really made a difference and has served as an inspiration for other savers. I’m honored that Tech CU was able to be a part in helping you work toward your savings goal.

As you may already know, the Grow Your Green Savings Challenge ended at the end of December with the selection of our Super Saver of 2009. Ron Vogel was the lucky winner of our $1,000 grand prize. Not only did Ron save consistently all year to reach his financial goals, but he also shared his many wonderful money-saving tips with other Grow Your Green members. (You can read them here.)

But Ron wasn’t the only one who was rewarded for saving. From March to November, eight monthly winners received $100 to be added toward their Grow Your Green savings goal. We’re also proud that the campaign was effective in helping our members save more in 2009. Here’s what we were able to accomplish: 34 Grow Your Green Savings Challenge accounts for a total of $17,966 saved!

While this campaign was designed to last for one year, at Tech CU we know that saving money and smart money management should be lifetime efforts. That’s why we’re committed to helping you stay financially fit all year long. If you enjoyed all the useful tips and entertaining articles we had here at the Grow Your Green site, I’m confident you’ll love Tech CU’s main blog, Money Savvy.  With articles such as Haitian Relief: Be Generous but Be Careful and Banks Lure Customers with Cash: Deal or No Deal?, you’ll continue to find relevant, insightful and helpful articles at our blog to help you succeed in your financial goals.

Thanks again for participating in Grow Your Green. And remember, we still want to stay connected to you so join the Facebook Tech CU Fan Page or follow us at Twitter/TechCU. That way you’ll continue being the first to learn about Tech CU’s rate changes, promotions and specials.

Until we meet again!
-CashCat

The credit union difference

Credit unions are not-for-profit cooperatives, owned by their members who save and borrow there. They exist solely to serve those members, with no stockholders or bank holding companies to enrich.

Credit unions are owned by their members. In addition to being an owner, each credit union member, regardless of how much he or she has on deposit, has an equal vote in elections. Credit unions are democracy in action! Full story

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.

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.