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One of the main reasons people join credit unions is because they want to enjoy personalized service. While traditional banks advertise and function as profit-making organizations, credit unions are community-oriented and cater to members rather than to bank owners or stockholders. Any earnings a credit union accumulates in the... more »
The world is a much smaller place than it was in previously generations. International funds transfers that were once limited to the realm of big business have now become commonplace for small businesses or even individuals. Most people have three options available to them when it comes to transferring funds internationally. One is to... more »
A mortgage loan officer, like other types of loan officers, serves as the link between a loan applicant and a lending institution. Mortgage loan officers work for banks, credit unions, or private lending institutions and spend most of their workday meeting with loan applicants to evaluate their financial circumstances and to provide... more »
When searching for the best car loan, it is important to not rush into any decisions. Figure out exactly what type of payment term you want for the loan. A short-term loan will keep the interest you have to pay low. You can get a longer-term loan in order to have smaller monthly payments. Decide how much of a down payment you can... more »
Financial planning is necessary for most families, but many don't know where to begin. This is where financial planners come in. They help people deal with making and implementing decisions for their financial futures, including things like managing cash flow, educational and retirement savings, investment planning and more. So what... more »
The United States Bureau of Labor Statistics projected in 2006 that the employment of...
Getting your first bank account can give you an incredible feeling of power, unless you have...
For as long as money exists there will always be a need for financial services jobs. Being a...
Credit union supporters invoke pictures of the flag, motherhood, apple pie, and all the good things that people treasure. Detractors, usually... more »
Many people lack a true understanding of the differences between banks and credit unions. At first glance, they seem like the same thing ---... more »
Deciding whom to trust when looking to put your money in a financial institution may be a very hard decision. Location, fees and dependability are... more »
There are several facets involved in taking control of your finances. One aspect is taking an active role in deciding what type of financial... more »
On the surface, credit unions function just like banks. In fact, many people believe the main difference between credit unions and banks is that... more »
Both banks and credit unions serve the financial needs of its customers, but there are many differences between the two. Credit unions are owned... more »
Credit unions offer a wide variety of certificates of deposit (CDs) just like your hometown bank does. In fact, credit unions offer the same... more »
A credit union is a cooperative financial institution that is owned and controlled by its members, and operated for the purpose of promoting thrift, providing credit at reasonable rates, and providing other financial services to its members.E.g., 12 U.S.C. § 1752(1), available at http://www.ncua.gov/RegulationsOpinionsLaws/fcu_act/fcu_act.pdf; CUNA Model Credit Union Act § 0.20 (2007); see also 12 U.S.C. § 1757, available at http://www.ncua.gov/RegulationsOpinionsLaws/fcu_act/fcu_act.pdf; CUNA Model Credit Union Act § 3.10 (2007). Many credit unions exist to further community developmentSee, e.g., National Federation of Community Development Credit Unions, "What is a CDCU?;" http://www.cdcu.coop/i4a/pages/index.cfm?pageid261 or sustainable international development on a local level.See, e.g., WOCCU, "International Development: Development Programs;" http://www.woccu.org/dev/programs Worldwide, credit union systems vary significantly in terms of total system assets and average institution asset sizeSee WOCCU, Statistical Report (2007), available at http://www.woccu.org/dev/publications since credit unions exist in a wide range of sizes, ranging from volunteer operations with a handful of members to institutions with several billion dollars in assets and hundreds of thousands of members. Yet credit unions are typically smaller than banks; for example, the average U.S. credit union has $93 million in assets, while the average U.S. bank has $1.53 billion, as of 2007.Mike Schenk, Vice President for Economics and Statistics, CUNA, "Commercial Banks and Credit Unions: Facts, Fallacies, and Recent Trends," at *2 (2007), available at http://advice.cuna.org/download/combanks_cus.pdf
The World Council of Credit Unions (WOCCU) defines credit unions as "not-for-profit cooperative institutions."WOCCU, "What is a Credit Union?;" http://www.woccu.org/about/creditunion In practice however, legal arrangements vary by jurisdiction. For example in Canada credit unions are regu read more at » http://en.wikipedia.org/wiki/Credit+union
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