It's a question that comes up often when I tell people that I work at (and do my banking) at a credit union.
The Huffington Post offered a great description of what credit unions are in a
recent article.
"A credit union is a friendly, 'not-for-profit,' financial institution that is comprised of members only. Credit unions offer special deals to its members, unlike 'for profit,' big-name banks. Any profit made by the credit union is directed back to members via higher interest rates on savings/checking accounts and lower interest rates on credit cards and loans, unlike a commercial bank, which constantly thinks of new ways to increase its revenue for shareholders via methods such as customer fees."
I couldn't have said it better myself.
Effective July 1, 2010, for new accounts and prior to August 15, 2010, for existing accounts, federal regulations require members who are eligible for Overdraft Services to opt-in to the program in order to be covered even if they have been covered in the past.
What does Overdraft Services cover?Overdraft Services covers your everyday debit card transactions and ATM withdrawals even if you have insufficient funds in your account. Overdraft Services allows you to complete your transaction and purchase items that you need such as groceries or gas when you may have insufficient funds in your account. Overdraft Services is available when you need it the most when emergency situations arise and you do not have sufficient money in your account.
How much does Overdraft Services cost?If you overdraw your account through an everyday debit card transaction or ATM withdrawal, Financial Center will charge you a $33 fee to authorize the transaction. This fee will be assessed each time you use your debit card or make a withdrawal from an ATM until you have sufficient funds in your account to cover the transaction. We only charge a fee when you utilize Overdraft Services. It is free to opt-in for this service, and the service is free even if you never use it.
Please tell us if you want to keep this convenient coverage on your account for everyday debit card transactions and ATM withdrawals. If you do not opt-in to Overdraft Services and there are insufficient funds to cover a transaction when you need it, Financial Center will not authorize the transaction after August 15, 2010.
If you choose to opt-in to Overdraft Services, these transactions will continue to be covered.
Click here to either opt-in or opt-out of Overdraft Services from Financial Center. Your response is needed by July 1, 2010.
If you have further questions, contact your Indianapolis credit union at 317.916.7700 or 800.473.2328 or visit any
Center location.
The Wall Street Journal recently touted the advantages of joining a local credit union. Favorable rates on auto loans, credit cards, and mortgages are some of the reasons why consumers are making the switch.
An Indianapolis credit union such as Financial Center also offers better rates on deposits like our
Reward Checking product which pays 3.01% APY if you meet the account requirements each month.
Are Credit Unions a better bet than banks?
You decide.
Each time that you use your Financial Center debit or credit card, a merchant is paid immediately and your Indianapolis credit union receives interchange. Interchange helps pay the cost of many local credit union services such as reissuing cards compromised by a merchant data breach and supplying a contact center that is available when your debit or credit card is lost or stolen.
The United States Senate passed a financial reform bill that included provisions that would make changes to this card payment and interchange system. If you have a Financial Center debit or credit card, interchange supports the program that you depend on. If interchange is reduced and changes were made that hindered the ability for Financial Center to adequately support the program, then you may end up paying more to use your debit or credit card.
Furthermore, this legislation may allow merchants and retailers to discriminate against which debit cards they accept. Merchants and retailers may reject your debit card, regardless of what financial institution you belong to.
The current system allows your Indianapolis credit union to provide competitive and member-friendly products such as our debit and credit cards.
Please join your local credit union in voicing opposition to this legislation.
Effective July 1, 2010, for new accounts and prior to August 15, 2010, for existing accounts, federal regulations require members who are eligible for Overdraft Services to opt-in to the program in order to be covered even if they have been covered in the past.
What does Overdraft Services cover?Overdraft Services covers your everyday debit card transactions and ATM withdrawals even if you have insufficient funds in your account. Overdraft Services allows you to complete your transaction and purchase items that you need such as groceries or gas when you may have insufficient funds in your account. Overdraft Services is available when you need it the most when emergency situations arise and you do not have sufficient money in your account.
How much does Overdraft Services cost?If you overdraw your account through an everyday debit card transaction or ATM withdrawal, Financial Center will charge you a $33 fee to authorize the transaction. This fee will be assessed each time you use your debit card or make a withdrawal from an ATM until you have sufficient funds in your account to cover the transaction. We only charge a fee when you utilize Overdraft Services. It is free to opt-in for this service, and the service is free even if you never use it.
Please tell us if you want to keep this convenient coverage on your account for everyday debit card transactions and ATM withdrawals. If you do not opt-in to Overdraft Services and there are insufficient funds to cover a transaction when you need it, Financial Center will not authorize the transaction after August 15, 2010.
If you choose to opt-in to Overdraft Services, these transactions will continue to be covered.
Click here to either opt-in or opt-out of Overdraft Services from Financial Center. Your response is needed by July 1, 2010.
If you have further questions, contact your Indianapolis credit union at 317.916.7700 or 800.473.2328 or visit any
Center location.
We were struggling with our credit cards and high interest auto loan. FCFCU was able to assist in consolidating some of our credit cards AND refinancing our auto loan. It's great to receive assistance. Not only that, I can proudly pay and know that the money that I am spending on interest is going to us and not some other person. This credit union is really member driven. Thank you again for everything.
Cara Winger
McCordsville, IN
An Indianapolis Federal Credit Union serves its members by providing financial assistance by way of loans and credit cards at very reasonable interest rates. The financial education Indianapolis that we provide is intended to help the youth in the community.
We have a partnership with the school authorities to promote the financial decisions of its young people with a goal to improve the education process.
The students can have access to a credit union center and this helps them in planning their financial future. The credit union is established in the school for no extra cost and is maintained with the aim to provide financial education to the students.
If you want to learn more about how your students can gain by learning about money, please don't hesitate to get in touch with Financial Center of Indianapolis.
Have you fallen in love with the home of your dreams? Now, do you need a mortgage account Indianapolis? Or do you need to refinance your home?
A credit union, like ours, offers its members the facility to bring their outstanding mortgages, home equity loans, and credit cards in order to save money and enable them to increase their savings.
You can use the Internet to access information regarding the various mortgage options that are available and choose the one that best suits your requirements. If you are looking for rates to refinance your mortgage, you will need to check with us to get the best possible deal.
If you want to learn more about a mortgage, please don't hesitate to get in touch with Financial Center of Indianapolis. You might also be interested in our Reward Checking which earns dividends.
What are the advantages of credit union banking? Credit unions are nonprofit organizations and becoming a member is relatively easy if you belong to a particular labor union or residential community. The financial services that are offered by credit unions are very much similar to banks, yet credit unions are owned by their members.
Credit union banking offers plenty of financial services and the interest rates on loans of these services are favorable when compared to banks. Lower fees and lower interest rates on credit cards offered by credit unions make them extremely popular. The loans offered at credit unions also offer lower interest rates.
If you're interested in learning about putting your money into credit union banking, please don't hesitate to get in touch with Financial Center of Indianapolis.
The high costs of medical care can be offset in a smart way, by opening health savings accounts with any bank or credit union authorized for this purpose. HSA banks that offer an IRA (individual retirement plan) usually offer health savings accounts too.
The banks that offer these health savings accounts provide the customers with a debit card or check book, so that the money can be utilized easily.
You can also use these plans to supplement your current health insurance coverage and this will enable you to save substantial amounts of money on your health care costs. You can also earn interest on the money saved. Take care of all your future health care needs by choosing a plan that is right for you.
Contact us at Financial Center of Indianapolis for questions that you have about HSA savings. You might also be interested in our Reward Checking which earns dividends.
If you need more help with your finances, then you might be interested in our financial education Indianapolis.
Here are some other great money education tips!
- Switch to credit cards with lower interest rates. Credit unions offer credit cards to their members at low interest rates and most of them even waive the annual fee.
- Analyze your spending style and make a plan according to it. Make a list, while shopping and stick to it strictly in spite of the temptations.
- Try and build an emergency fund, which can be utilized in case of a job loss.
- Get the best insurance deals by comparing the various plans online.
- Build a retirement fund and contribute regularly to it.
Our financial education Indianapolis is concerned with giving financial literacy to the teens living in your area so that they are able to manage their finances better in the future.
If you want to learn more about money literacy, please don't hesitate to get in touch with our Financial Center of Indianapolis. You might also be interested in our Reward Checking which earns dividends.
What are the benefits of a federal union credit card? Credit unions are not for profit financial associations which are created by people who have a common affiliation or interest, like a trade union or people living and working in the same place. A federal credit union credit card operates primarily for the benefit of its members. A credit union credit card has a lower interest rate and is very beneficial for its members.
Contact us at Financial Center of Indianapolis for questions that you have about opening a credit union credit card. You might also be interested in our Reward Checking which earns dividends.
Most credit unions offer secured cards to their members. You can use a secured credit card to build a credit history. In order to build a good credit history, you will need to only buy what is necessary and not indulge in impulsive shopping.
You should also pay off the card every month. In fact, your best bet would be to pay in full to gain an excellent credit history. As your credit rating improves, you can apply for an unsecured card. Most banks and credit unions normally observe individual usage of the secured card for a year, before accepting the application, for an unsecured card.
The process of getting a credit union credit card is much easier that getting it from a bank. Since you are a member of the credit union and not a customer, it enables you to get better customer service at the credit union.
Contact us at Financial Center of Indianapolis for questions that you have about opening a credit union secured credit card. You might also be interested in our Reward Checking which earns dividends.
Are you thinking about getting one of the credit union credit cards? If you are looking for a card with lower interest rates and fees, then credit union credit cards should be an ideal choice.
A credit union credit card is a good alternative to borrowing money from a bank.
Contact us at Financial Center of Indianapolis for questions that you have about opening a credit union credit card. You might also be interested in our Reward Checking which earns dividends.
If you are a member of a credit union you can apply for a credit union credit card. It's advantageous because the interest rates are quite low on the card and most credit unions waive the annual fees for their members.
Contact us at Financial Center of Indianapolis for questions that you have about opening a credit union credit card. You might also be interested in our Reward Checking which earns dividends.
We need to have a credit card for carrying out day to day normal activities. Whether you are booking an airline ticket, making a hotel reservation, or shopping at a local store, credit cards have become an essential aspect of life.
A federal credit union credit card is the preferred choice of individuals who want a lower interest rate. A credit union bank card has a number of benefits when compared to the credit cards issued by banks.
Contact us at Financial Center of Indianapolis for questions that you have about opening a credit union credit card. You might also be interested in our Reward Checking which earns dividends.
A federal credit union credit card offers the friendliest service to customers. The new federal bill, which is known as the CARD Act has prohibited banks from indulging in practices that are harmful to their credit card customers.
The Act stops the banks from charging customers exorbitant fees and banks have adopted new means to get over the provisions of the Act. Interest rates are increased by most banks and the annual fees have also been increased substantially.
However, a credit union bank card has always been a better option when compared to these large banks. Why? Because the interest rate cannot be more than 18% and there are less fees.
Contact us at Financial Center of Indianapolis for your questions about a credit card. While you're at it, you might be interested in our Reward Checking which earns dividends.
Interested in joining a credit union to get a better credit card interest rate?
Credit unions have the best rates on credit union credit cards and it would be advisable to opt for credit cards from a credit union rather than from a bank, because banks charge very high fees and interest rates.
Credit unions are becoming a popular choice of people due to the immense benefits that people get while banking with them.
Contact us at Financial Center of Indianapolis for questions that you have about opening credit union credit cards. You might also be interested in our Reward Checking which earns dividends.
People are tired of getting bad customer service and high interest rates that are prevalent at most banks and therefore they are gravitating towards having a federal credit union credit card since it offers them the maximum benefits.
A credit union bank card has low fees and lower interest rates, when compared to banks, and this makes it an ideal choice during our recession. Of course, all of your banking activities can be done at a credit union.
A federal union credit card can be used at hundreds of ATMs that are spread all over the country. It is also quite easy to become a member of the Credit Union as the requirements are quite simple and easy to fulfill.
Contact us at Financial Center of Indianapolis for questions that you have about opening a credit card. You might be interested in our Reward Checking which earns dividends.
A credit union is member focused rather than profit focused, which is what most banks are.
The interest rates and fees that are charged for a federal credit union credit card are significantly lower when compared to the bank, as they do not operate for profit.
There are a number of people who are opting for a federal credit union credit card as the interest rate is much less, which is a big benefit during our current recession.
Financial Center, which serves members in the Indianapolis area, offers a number of products and services that are useful to credit union members. Our credit union also offers its services to military and civilian personnel stationed overseas.
Contact us at Financial Center of Indianapolis for questions that you have about us. You might be interested in our Reward Checking which earns dividends.
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