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Say No to Outrageous Bank Fees. Join a Credit Union.
Massachusetts Credit Unions to Consumers: Say No to Outrageous Bank Fees.
Join a Credit Union.
As banks across the state announce continued fee hikes for basic personal financial services, Massachusetts consumers are voting with their feet and turning towards credit unions in increasing numbers.
Saving the average consumer between $150 and $200 in fees annually, credit unions continue to be the best option for consumers looking for a viable, cheaper alternative to the mega-banks.
Consumers can no longer rely on free or low-cost checking products from their banks, as services like free checking become a thing of the past. According to a recent survey by Bankrate.com, only 45 percent of non-interest earning checking accounts are free today compared to 76 percent two years ago.
Conversely, most Massachusetts credit unions charge no debit transaction fees and offer account options with no monthly fees. And fees for account errors such as insufficient are lower, averaging $26.52 among credit unions in contrast to a bank average of $29.16.
“I don’t think I’ve ever witnessed as much consumer outrage as I have in the last three weeks. And I’m not talking about Occupy Wall Street,” said Daniel Egan, President/CEO of the Massachusetts Credit Union League. “At a time when consumers’ budgets are stretched all too thin, it’s important for them to know that they don’t have to sit still and accept these outrageous fees.”
As member-owned, not-for-profit financial cooperatives, credit unions return their excess earnings back to the members they serve, typically through higher rates on savings accounts, lower rates on loans, and by charging lower and fewer fees.
At a time when many are fed up or just plain upset, credit unions want to remind consumers that they have options. These days, there is a credit union out there for almost everyone. Their doors are open.
Why don’t you check one out at www.asmarterchoice.org.
Automobile financing: How to avoid the potholes
From the June 26 Edition of The Metrowest Daily News
Sooner or later most kids will get tired of driving the family car (you hope). For my family, it was within a week of my eldest getting his license.
No matter when your teen driver (or you as a parent) decides the time has come to have his/her own wheels, you are going want to do all you can to protect him/her both physically and financially.
The last thing that I am going to claim to be is an expert in auto mechanics. But as a consumer, a financial professional and a parent, I have learned a few lessons about auto economics – and how to avoid the potholes of car costs.
Credit Union Community Hope Initiative raises $30K for the homeless
The team from STCU Credit Union and Winbrook took the First Place award and the team from Harvard University Employees Credit Union and Medical Area Federal Credit Union took the Second Place award. Bob Delaney from Members Insurance Agency, LLC took the honors for the men’s most accurate drive and Cheryl Gorman from Harvard University Employees Credit Union had the most accurate drive for the ladies. Closest to the pin honors were shared by Tom Nemeczky from Enterprise Car Sales, Dave Dewitt from Digital Federal Credit Union, Bob Delaney from Members Insurance Agency, LLC, and Peter Buchanan from Harvard University Employees Credit Union.
Digital Federal Credit Union and Members Plus Credit Union displayed their commitment to the cause by sponsoring the tournament awards barbeque. Harvard University Employees Credit Union won the prize for fielding the largest number of golfers on the course (10 golfers) as well as contributing for the Hit The Green Sponsorship.
At the awards banquet, the golfers heard from Robyn Frost, executive director of the Massachusetts Coalition for the Homeless. Robyn expressed the Coalition’s sincere appreciation for the continued support that the credit union community in Massachusetts has shown the Coalition and the Commonwealth’s homeless families. Her update on the efforts of the Coalition to fight homelessness was enlightening.
The League would like to thank the following tournament sponsors:
Awards Banquet
Digital Federal Credit Union
Members Plus Credit Union
Lunch
Carts
Closest to the Pin
Hit The Green
Harvard University Employees Credit Union
Gold
HarborOne Credit Union
UMassFive College Federal Credit Union
Workers’ Credit Union
Reception
Silver
Grafton Suburban Credit Union
Greylock Federal Credit Union
Leominster Credit Union
Mass Bay Credit Union
Medical Area Federal Credit Union
Metro Credit Union
Massachusetts Credit Union Share Insurance Corporation (MSIC)
Nutter, McClennen & Fish, LLP
Quincy Credit Union
Tee/Green
Bollus Lynch, LLP
Cathedral Corporation
Central One Federal Credit Union
City of Boston Credit Union
Crescent Credit Union
Enterprise Car Sales
Financial Service Centers Cooperative (FSCC)
Hanscom Federal Credit Union
Jeanne D’Arc Credit Union
Liberty Bay Credit Union
Merrimack Valley Federal Credit Union
Metro-Boston Chapter
New England Teamsters Federal Credit Union
Northeast Member Business Services LLC
O.M. Financial Group
Pioneer Valley Chapter
St. Jean’s Credit Union
St. Mary’s Credit Union
Synergent
Tri-County North Chapter
Vertifi Software LLC
Winbrook
MA Credit Unions Donate $125,000 to Homeless Coalition
On Friday, December 17, 2010, the Credit Union Community Hope Initiative presented the Massachusetts Coalition for the Homeless with a check for $125,000 representing funds raised by the credit unions of Massachusetts during 2010. The presentation took place at Hanscom Federal Credit Union’s main office on Hanscom Air Force Base.
The Credit Union Community Hope Initiative is an effort organized by the Massachusetts Credit Union League through which Massachusetts credit unions join together to assist worthy causes. The Massachusetts Coalition for the Homeless has been the League’s charitable partner for more than 20 years. Read more »
Credit union launches mobile deposit system
(Source: Sentinel & Enterprise)trackingBy Marisa Donelan, Sentinel and Enterprise, Fitchburg, Mass. Read article online
May 2–Traditional bankers’ hours aren’t too convenient if you’ve got a check to deposit at night or on a weekend.
But now, there’s an app for that.
Digital Federal Credit Union is among a small number of banking institutions nationally to launch a mobile deposit system, Mobile PC Deposit, where members can take a photo of a check and deposit it securely using an Apple iPhone or Google Android mobile device, DCU officials said this week.
Fed says economy mostly stronger in March
Article courtesy of Reuters. Read article online
WASHINGTON | Wed Apr 14, 2010 2:42pm EDT
WASHINGTON (Reuters) – Economic activity strengthened in most U.S. regions during March and early April with the exception of St. Louis, where plans to close several plants were announced, the Federal Reserve said on Wednesday.
“Overall economic activity increased somewhat … across all Federal Reserve districts except St. Louis, which reported ’softened’ economic conditions,” the Beige Book summary prepared by the Minneapolis regional Fed bank said.
Small businesses increasingly turn to credit unions
Article courtesy of the Boston Globe. Read article online
While banks have frequently made front-page headlines during the financial crisis and economic downturn, credit unions have generally flown under the radar. To check in on the industry, Globe reporter Todd Wallack recently sat down with Daniel F. Egan Jr., president of the Massachusetts Credit Union League Inc., which represents credit unions across the state.
Trying to fill lending gap
Article courtesy of boston.com. Read article online
Over banks’ objections, credit unions seek higher loan limits
When Shaunna Schiller and her husband were launching their Sturbridge construction business last year, they needed to lease an excavator and a loader for their first job. Nice as the staff was, the Bank of America branch where they had their deposit account would not give them an equipment loan.
Debate Rages Between Banks, Credit Unions
Article courtesy of Worcester Business Journal. Read article online
Legislation that could give credit unions more lending freedom fires up animosity
By Matthew L. Brown, Worcester Business Journal Staff Writer
Tension has existed between community banks and credit unions since credit unions began emerging from their industry-specific enclaves and into the general banking market with their tax exempt status intact.
A generation later, and during a widespread economic recession, that tension has begun to boil over. That’s due in no small part to pending legislation in Washington, D.C., that could ease restrictions on credit union lending. Read more »
Don’t Rejoice Over Higher GDP Yet
Article courtesy of Forbes.com. Read article online
Steve Schaefer, 01.29.10, 11:55 AM EST
U.S. economy grows at 5.7% clip, but next few quarters will be a slog.
The U.S. economy crushed expectations by growing at a 5.7% clip in the fourth quarter of 2009, but even as Wall Street rallied on the news there are plenty of warning signs of a slower pace ahead.
A restocking of inventories by American businesses drove a large portion of the fourth-quarter increase, contributing 3.4% compared with just 0.7% in the third quarter when growth was a far calmer 2.2%. Excluding the inventory factor, real final sales of domestic product were up just 2.2% in the October–December period, after rising 1.5% from July to September. Read more »
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Say No to Outrageous Bank Fees. Join a Credit Union.
Massachusetts Credit Unions to Consumers: Say No to Outrageous Bank Fees. Join a Credit Union. As banks across the state announce continued fee hikes for basic personal financial services, Massachusetts consumers are voting with their feet and turning towards credit unions in increasing numbers.
Automobile financing: How to avoid the potholes
Sooner or later most kids will get tired of driving the family car (you hope). For my family, it was within a week of my eldest getting his license. No matter when your teen driver (or you as a parent) decides the time has come to have his/her own wheels, you are going want to do all you can to protect him/her both physically and financially.
