News

We continue to get questions about credit unions and although a google search may resolve many of these questions it leaves many more people wondering what are the important things they need to know before deciding to make the switch. If you aren’t one of the 94 million credit union members then it might be something to consider as part of your financial portfolio. In fact, joining a credit union is much easier today. You can join through employment, where you live or work and places of worship. You can even join if you’re related to an existing member.

Last week I wrote about banks that offer high-yield checking accounts. This week I want to write about “un-banks”–in other words, credit unions. Hey, consider it equal time. It’s no secret that banks got a bad rap during the financial crisis for their part in risky mortgage lending and for fees that many consumers view as unnecessarily greedy.

Credit unions are No. 1 when it comes to online customer satisfaction and customers aregenerally highly satisfied with their financial mobile sites, according to ForeSee’s Financial Services Benchmark report released Wednesday.
 
Of the five financial segments measured, credit union sites scored the highest, with average satisfaction scores of 82 on a 100-point scale. However, this new score is four points lowerthan what the benchmark study reported in 2011 when credit unions a scored of 86 in customer online banking satisfaction, one point less than the score earned by large banks.

Lobbyists all over Washington are working furiously to get their tax breaks on a special list being kept by Congress’s top tax-writers. Senate Finance Committee Chairman Max Baucus (D-Mont.) and House Ways and Means Committee Chairman Dave Camp (R-Mich.) plan to rebuild the tax code from scratch, lowering rates and eliminating breaks in the process.

When you think of a credit union what comes to mind?
 
Credit unions, like banks, are federally insured financial institutions that provide banking services and loans for their members. They are non-for-profit cooperatives that are owned by all the members, as opposed to banks, which are generally owned by shareholders.

Credit Unions are asking members to contact their congressman after launching a campaign called “Don’t Tax My Credit Union.” The Not for Profit Institutions fear the government could pull their tax exempt status as part of a tax reform to grow government revenues.