“Despite seven interest-rate increases by the Federal Reserve since 2015, many banks have resisted rewarding deposit customers with higher rates”
So wrote Rachel Louise Ensign, in the Wall Street Journal, published June 23-24.
What is fascinating is this: Credit unions have been increasing their interest rates on savings, including CD accounts. Yet, consumers are reluctant to place money in savings with either banks or credit unions.
World Politics aside, saving money in your mattress makes a lumpy bed and will not make you any richer. It is about education.
Look inside your wallet.
You probably have credit cards from multiple sources. Turn on your phone. It is likely you have apps for one or more checking account(s).
Now is a great time to review your cash as in where it is, what is it doing, and will you need to make some changes.
Although credit unions and banks have been around for many years they are different. Both can and will offer savings and loans; yet their business structure and consumer base are different.
Credit Unions are not for profit organizations. Each Member, regardless of their amount on deposit has one Share. A Credit Union’s territory or charter may include: a specific region, a professional and or group. Profits made by Credit Unions generally become re-invested. The rewards may include goods, services and better membership rates.
If you are reading this article, you are keenly aware money equals independence. What is autonomy?
Originally credit unions facilitated those who would ordinarily be bypassed by traditional banks: underserved means: women, recent immigrants and individuals with emerging credit.
Are you in this group? Is your bank or credit union overcharging for goods and services? Is it time to make a switch?
The months between Memorial Day, July 4th and Labor Day benchmark the summer season. Let’s revisit where we came from and how this affects finances.
Everybody who lives in Nassau County likely has relatives or friends from someplace else. Gone are people who lived in one place and worked within10 miles from their birth-place. Consider your children.
Does your Bank or Credit Union have a children’s savings account? How much $50 or $500 needs to be invested into it? What is the interest rate? Is it a stand-alone account?
“In 1934, President Franklin Delano Roosevelt signed the Federal Credit Union Act into law, creating a national system to charter and to supervise federal credit unions. “ https://www.ncua.gov/About/Pages/history.aspx
Money and emotions are often intertwined. The best financial decisions are made when thinking and feelings are separate. When you seek a loan, mortgage and or Visa credit card, judge on merits and not on your feelings.
Do not be pushed or cajoled by salespeople who are ranked by the number of new accounts they open.
For example, our credit union does not rank our reps on the number of new accounts they open per month or quarter. They are expected to provide friendly and professional assistance.
When you are shopping for loans, determine the rate of the specific loan product.
Some Banks offer 0 percent for the first six months.
What then will that rate change to? Are their annual fees? What about late payment(s)? Ask, what is your monthly payments and what will the loan ultimately cost me?
Are you going to accept the rate sheet a salesperson places before you? Be mindful about how you spend and save your money.
Alice Melzer, Director of Marketing
Port Washington Federal Credit Union
Established in 1968, the Port Washington Federal Credit Union welcomes those who live, work or worship in Port Washington, Manhasset, Roslyn, Great Neck and the employees of the Town of North Hempstead. We are an equal opportunity lender.
