United States | Credit Union Place

Containing Runaway medical Costs

It’s no secret that healthcare costs have skyrocketed in recent years. It’s a complicated scenario that involves many issues, including the high cost of sophisticated medical testing, the high cost of end of life care as the general populace lives ever longer– and the shared cost of the many uninsured people in the United States. All of this adds up to a difficult financial situation—and the social impact of these rising costs is indeed formidable.

Rising healthcare costs have forced many families to take a hard look at their family budget and where their money is going. As healthcare eats up more and more of a family’s monthly income—it’s crucial to find ways to save on healthcare before those costs use up funds needed to cover other basic expenses.

While people everywhere are tightening their belts in response to the situation, some people are beginning to take a closer look at ways they can stay healthy and avoid the emotional and financial expense of landing in a doctor’s office, except for routine checkups.

How can people stay healthy and avoid unnecessary medical problems? Regular exercise and maintaining a healthy diet are two key ingredients in wellness. Eating a diet that’s low in saturated fats and high in vitamin and fiber-packed fruits and vegetables is also a critical factor in staying healthy.

In addition to diet and exercise, many people who once would only consider treatment by a traditional medical doctor are now learning the advantages of alternative therapies like acupuncture and Chinese herbs for healing, in lieu of medication.

Here at Credit Union Place, we support lifestyle choices that are healthy for the body and for your financial life. Check in with us here at www.incuplace.org for suggestions on how to keep your whole financial picture healthy and whole.

Filed Under: General Finance Tagged With: Health, Health care, United States

Corporate Credit Unions

e Association of Corporate Credit Unions (ACCU) is an organization dedicated to promoting public awareness of the credit union movement and to give an advantage to corporate credit unions. It consists of representatives from the Corporate Credit Union Network.

Since November of 1995, ACCU has been devoted to innovation in the protection and preservation of credit union success. According to coporatenetwork.org, ACCU’s mission is to create and maintain a “climate of safety, soundness, innovation and unity among corporate credit unions.” Doing so promotes and enhances “the initiatives of the credit union movement.”

Corporate credit unions are important in the industry because they provide individual credit unions with services, thereby serving society. They are either chartered by the National Credit Union Administration (NCUA) or by a state authority. Owned by credit unions, they provide short and long term investments and financial settlement services.

The largest corporate credit union in the United States is the U.S. Central Credit Union. Located in Kansas, it exists not to serve individual consumers, but to provide industry services to credit unions such as Electronic Funds Transfer Services and payment systems.

ACCU appreciates the independence of credit union operations and understands the challenges each would face. They fully believe that the industry needs collaboration and a “unified standpoint” to grow and succeed. The association represents these corporate credit unions in a wide variety of circumstances and provides educational opportunities. They also promote financial strength and safety through research and development initiatives.

In partnership with the Corporate Network, the ACCU manages the Compliance Clearinghouse, which seeks to promote effective meetings, assist in credit union improvement, promote safety, and further corporate credit union progress.

Credit unions were established with a vision of cooperation and co-ownership, and ACCU maintains that philosophy of collaboration. The Corporate Network continues to develop to meet members’ and market needs.

Filed Under: General Finance Tagged With: Credit union, National Credit Union Administration, United States

Issues in Washington

The Credit Union National Association (CUNA) is dedicating to providing the public with grassroots and political action support. Leagues and credit unions are provided assistance with creating political programs and fundraising strategies. CUNA also aids member support programs and other grassroots organizations.

CUNA’s website (www.cuna.org) has a “Grassroots Action Center” where credit union members and supporters can gather information necessary to contact local, state and federal representatives and legislators concerning laws that affect credit unions. Current issues include interchange fees, member business lending, supplemental capitol, and tax status.

Interchange Fees

Interchange revenue from credit and debit cards is important for meeting administrative expenses related to these card programs. The fees allow operating and business costs and risk management to be shared by all of the paying participants. Congress has regulated debit interchange rates, giving merchants more control over the consumer’s use of the cards.

Member Business Lending

Small business is the backbone of the American economy. Credit unions have expanded credit to small businesses in a time when banks have been withdrawing it, but that growth is being threatened by a limited ability to lend to business-owning members.

Supplemental Capital

Due to the economic downturn, capital for credit unions has become a major topic among state and federal regulators. Supplemental capital acts as a buffer in the event a credit union loses earnings. Banks and other foreign markets have access to it and, internationally, so do most credit unions. Here in the United States, however, corporate and low-income credit unions do not.

Tax Status

Bank lobbyists are opposed to credit unions having a federal tax-exempt status. Eliminating this tax advantage is a higher priority than providing legislative initiatives to benefit the banking industry. Credit unions do pay taxes that include payroll, real estate, and property. Dividends that are paid to credit union members are also taxed.

Knowing the pressing issues will help individuals contact lawmakers in Washington, keeping credit unions’ best interests in mind.

Filed Under: General Finance Tagged With: United States

How to Join a Credit Union

Credit unions are easy to join, but not all credit unions are for everyone. Each credit union has a charter that defines the specific “field of membership.” According to this field of membership, an individual must qualify to join. Some types of membership fields are based on an employer, a school, church, or even a community. If an employer sponsors a credit union, any employee of that employer is eligible for membership. For example, some credit unions exist to specifically serve teachers or state employees. Others are on-site in factories.

If you are interested in joining a credit union but don’t know if you qualify, here are some things you can do.

1. Contact your state credit union league. Your state’s representative can tell you about any credit union in your area for which you are eligible to join. An online search of your state and “credit union league” will bring up contact information.

2. Ask your employer. You may not know if your company sponsors a credit union, so check. Most of these employers offer or even require a payroll direct deposit.

3. Ask your family. Maybe your spouse’s employer sponsors a credit union, or your parents are members. Generally, credit unions allow members’ families to join, although some may require you to be living in the same household. Some credit unions allow extended family to join, so check with the member’s credit union to see if you qualify.

4. Ask your neighbors or friends. Many credit unions exist to serve the local community. As long as you live in a certain town, city or zip code, you qualify to join. This type of regional field of membership is open to anyone in the designated community.

5. Check the phone book. Some credit unions may have an advertisement in the yellow pages. If not, contacting a credit union directly is an easy way of determining its field of membership.

Filed Under: General Finance Tagged With: United States

Families and Debt

Today many families have felt the pressure of the economy. There are many factors that contribute such as; job loss, unemployment, and limited jobs offered. This has had a serious effect on many American’s financial situation. Many families were not or are not prepared for such a strain on their finances. If you or your family is currently in this situation, please contact debt consolidation service.

Many do not know what to do in this situation, and may even consider bankruptcy. With debt consolidation, they can find a solution for any of your financial situations. Debt consolidation services work hard to produce results that work quickly. They commit to fixing your financial problems. This service will create peace of mind, and reduce debt more than half. Debt Consolidation Services are committed and provide you with the knowledge for a secure future.

Please visit Debt Consolidation Services if you are thinking of filing bankruptcy. Bankruptcy should be your last option, and will have a negative long term effect on your credit score. The consultants at Debt Consolidation Services can have you debt free in less than 36 months. Their services can improve your credit score. They offer quick results with creditor. Their consultants are trained and work hard to eliminate your debt. Their goal for you is to have a debt free life and teach you to make smart financial decisions.

If you are experiencing financial hardship, the Debt Consultation Services can help. Sign up for a free consultation today. It is a simple process why wait, if you have nothing to lose. If you want peace of mind, and learn how to make good financial decisions for a debt free future. Debt Consolidation is the right company for you.

Filed Under: General Finance Tagged With: Bankruptcy, Business, Credit score, Debt, Debt consolidation, Finance, Unemployment, United States

Insuring Your Credit Union Investment: The NCUA

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Many people have the misconception that credit unions are not protected by anything. These people believe that these credit unions, since they are not for profit amenities, are operating on their own. It is believed that should anything happen to the credit union all investments go with it and there is no protection for the consumer. For over, 9,000 credit unions in the United States this belief is a misconception.

Many credit unions are protected under a branch of the United States government known as the NCUA or the National Credit Union Administration. This branch closely monitors, watches and protects any credit union that is under its protection. This prevents anything outrageous happening to the credit union and also insures that all monitary investment to the credit union are protected.

Credit unions that are insured under the NCUA insurance investment allow members to be able to safely insure a deposit of $100,000 or under the new law until 2013 $250,000. This insurance protects members from that credit union or institution from collapsing and running off with the money. Should something happen to the credit union a member would receive the money that they invested in the credit union back from the government.

Credit unions also offer other types of loans and savings accounts such as retirement funds, IRAs and bonds. These investments are protected from anything happening to the credit union also. However, these types of investments are protected under other insurance companies and do not fall directly under the NCUA.

To make sure that a credit union that you are considering joining is under the NCUA, simply head to the website or physical credit union location. All NCUA institutes displace the NCUA sign within their branches to notify members that they are protected. At the moment there are over 9,000 federal and state credit unions that are under the NCUA insurance protection.

Filed Under: General Finance Tagged With: Credit union, Federal government of the United States, Insurance, Investment, Loan, National Credit Union Administration, Savings account, United States

What the Blue NCUA Sign Means in Credit Unions

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Chances are that if you’ve stepped foot into any credit union in the past five years then you’ve probably seen a blue square sign posted on the front door and near the tellers. The blue square sign states that your savings are federally insured for $100,000 and backed with the full faith of the United States Government.

While it might sound a bit self explanatory, many people wonder exactly what that blue signs means for them as a member of the credit union.

As a member of a credit union that is NCUA insured this means that any money that you put into a checking or savings account is insured for the amount that is in there. Should the credit union that you are with go under or face bankruptcy the United States government will give you back the amount that is in the account up to $100,000. The insurance premiums are collected directly from the credit union to the government based off the amount of money that that credit union currently has on hand.

This type of insurance was put into place to give credit members a sense of security when they put their money in the credit union. That way should anything happen they would not be walking away empty handed.

In 2006 as the banks and financial institutes started to see a downward decline in number of accounts that were opened up, the NCUA upped the insured limit from $100,000 to $250,000 in an effort to show that there was government faith in credit unions and encourage people to put their savings money in there.

A credit union is required to display a sign either on the door or near the tellers if they are NCUA insured. Chances are if you don’t see a sign like that anywhere then the credit union is not insured by the NCUA.

Filed Under: Credit Unions Tagged With: Business, Credit union, Federal government of the United States, Insurance, National Credit Union Administration, Savings account, United States, United States Government

Why People Choose to go With a Credit Union

Credit unions are located in every state in the United States. They are built right next to the major financial institutions and offer the same services that the traditional banks do. However, even with the amount of popularity that credit unions seem to have many people are still unsure why people join up with one.

It might be surprising but many of the reasons that people join credit unions are the same reasons a person chooses a major bank or financial institution. Here are some of the common reasons people choose credit unions over major financial banks.

Not for Profit institutions. All credit unions are not for profit institutions. This means that instead of working for profits of major CEOs and board members, credit unions are working for the good of its members, since all members own a piece of the credit union upon joining.

Lower Rates. Since there is no overhead that needs to be paid with credit unions and they are a not for profit banking system, they tend to offer lower interest rates and higher rates of returns on CDs and savings.

Personal Attention. Credit unions are known for being small, friendly institutions that offer personal attention to their members. If there is a question that needs to be answered there are friendly serviceable people that are looking to help you and not worried about making a profit or sale for the credit union.

Supporting Local Neighborhoods. Most credit unions are centered in local communities. This allows them to be involved with a lot of the local events and offer community support when needed.

Supporting Local Businesses. Many credit unions will offer larger lines of credit for local businesses. Many people choose to go with credit unions because they show their support to local, smaller businesses by offering them these larger lines of credit so that these smaller, local businesses can become established.

Filed Under: Credit Unions Services Tagged With: Agencies and Vendors, Bank, Banking Services, Business, Chief executive officer, Credit union, Financial services, United States

Credit Unions Security: How Safe is Your Credit Union?

In the past year over 100 banks have closed their doors, declared bankruptcy or combined together. This massive amount of bank closures has caused many people to think twice about the security of their money, whether they use a bank or a credit union.

While there is no sure way to guarantee that your money is safe in whichever credit union you choose. There are ways that you can check to see what type of financial standing the credit union has at that current point in time.

There are two very simple ways to check up on the stability of the credit union that you are either with or thinking of investing your money with.

The Bankrate Rating. A site known as the Bankrate rates all banks and credit unions across America. The rating will range from a 1 known as Superior which means the bank is in great financial standing all the way down to a 5 which is the lowest rating and should be taken with caution. There are also no ratings and closed banks on the listing. This will help you get an idea for the financial structure.

Financial Statements. The profits and financial statements of all credit unions are public knowledge and available to the public and its members. It might take a bit of research to find these statements but it can help a future investor or current credit union member see exactly the financial state of the credit union and be able to compare it to others in the area.

Another way that you can know if your credit union is safe and secure is to check for a NCUAIF which means that all deposits and money invested in the credit union are backed by the government should there be a collapse of the credit union.

These three ways to check for stability of a credit union should ease anyone’s fears about credit unions.

Filed Under: Credit Unions Services Tagged With: Bank, Banking Services, Business, Credit union, Finance, Financial services, Loan, United States

Why Should I Get a Credit Union Loan?

If you need a loan, whether it be for a home, car or just a personal loan-you may want to look into a credit union to obtain these funds. Credit unions can offer their members much lower rates on loans due to being a not-for-profit institution. First you must find a credit union that you are eligible to join. This means conducting a little research to see if your college, employer, family member or any group you are a part of has a credit union affiliated with it. If so, a simple application and small deposit will be required to start your membership.

Once you are member you can discuss obtaining a loan with the credit union loan advisors. They can give you the current rate structure on the type of loan that you are looking for. Even though you are a credit union member you will still need to supply income, credit history and other information in your loan application process. If you qualify you will be you given your money, payback information and proceed along as you would with any regular loan.

Credit unions are great choices for those that have a poor credit history, haven’t established much of a credit history or who may need an untraditional loan. Credit unions can offer loans that banks cannot because they are under different guidelines. Credit unions are also much smaller and for this reason can give loans to members that they know and have a history with, that banks still may find risky. Getting to know your credit union staff can help you to get products that you may not qualify for elsewhere. Your credit union may only offer a very small loan for the first loan, but once you have shown that you can pay this back you can reapply for a larger loan next time.

Filed Under: Credit Unions Services Tagged With: Banking Services, Business, Credit union, Financial services, Loan, Phoenix Arizona, United States, Washington