Dec 15th, 2014 Credit Unions
Credit Union members are none other than the customers of the credit unions. Customers are known as members once they signed up with the credit union. Members of the credit union are the owners who share a part of the business. All the members have to participate while being a part of a credit union.
To be a member of a credit union the customer should be eligible for the same. In many cases this depends on the existing members of the credit union. Some credit unions require special features such as certain locations, interests, place of work, friends, family etc. New credit unions are usually set up by people who have a strong bonding among themselves. When they understand that their financial requirements and preferences can be met together as a group, then, they might as well start a credit union.
As the member of the credit unions are the owners of the credit union they manage the credit unions, however, employees are hired to run day to day operations at the branches. If the members have different interests and opinions then decisions are taken via voting system. Every member is eligible for one vote only. Voting doesn’t depend on the amount deposited in the accounts. All share equal right to vote, without discrimination.
Usually the main decisions are taken by board of directors who are voted and set up by all the members. Usually credit unions are formed when people have a good bonding among them; hence consequences of clashes are few. However, there is a possibility for the same due to human tendency.
If you’re interested to be a part of a credit union, then check information online about the credit unions in your geographic location. If you find a credit union, wherein there is a requirement for members and wherein you meet the criteria for becoming a member. Then fill the form online or go to the respective credit union branch and follow the steps of becoming a member.If you’re interested to be a part of a credit union, then check information online about the credit unions in your geographic location. If you find a credit union, wherein there is a requirement for members and wherein you meet the criteria for becoming a member. Then fill the form online or go to the respective credit union branch and follow the steps of becoming a member.
If you’re aware of friends, colleagues or family who are already members of credit unions, take information from them and check if you’re eligible and open an account with credit union. It’s a must to meet the criteria to become a part of credit unions.
You can be a member of two or more credit unions provided your eligible to open the accounts while meeting the respective criteria set up by the members of the credit union. A proper research through the internet or from family and friends shall certainly help you find a reliable credit union, wherein you can enjoy the benefits of earning high interest on savings or else paying less interest on loans compared to that of banks.
Members of credit unions are also the owners; hence they get special attention and superior service while enjoying profits of the credit union. As there are no shareholders involved in credit unions, the members share the profits among themselves. Credit union enjoy other benefits and services, such as
Free checking account or low fee checking account: Some credit unions provide its members with free checking account; such accounts don’t require any minimum balance to be maintained. It’s also likely that most of the credit unions offer checking accounts with low maintenance balance and low fees.
High interest rates on Savings, Money market accounts and CD’s: Credit unions usually offer high interest rates for deposits.
Low interest on Mortgage and Loans: Members of credit unions can take loans and mortgages while paying low interest for them.
Credit cards with low fees and interest rates: Members of credit unions can enjoy paying low interest on credit cards, also they generally have an annual fees which is comparatively low.
Insurance: Members of federal credit unions have insurance coverage up to $250,000 by the NCUA; therefore they are assured that their money is safe. Other credit unions have private insuranceInsurance: Members of federal credit unions have insurance coverage up to $250,000 by the NCUA; therefore they are assured that their money is safe. Other credit unions have private insurance.
Online banking: Members of credit unions can use almost all the features of online banking, right from international payments to checking balance online.Online banking; Members of credit unions can use almost all the features of online banking, right from international payments to checking balance online.
Direct Deposits, Standing Orders and Wire Transfers: Members of credit unions can set up and use all these features to make their payments on time.
Investments and Safe Keeping: Members of credit union can use investment services and safe keeping services too.Investments and Safe Keeping: Members of credit union can use investment services and safe keeping services too.
We can clearly see that credit union members enjoy a varied range of benefits and services while sharing the profits too.
Nov 20th, 2014 Banking
Bank accounts that are mainly maintained and operated online are known as online bank accounts. These accounts are provided by online banks, which are not the same as street side banks. Bank accounts can now be opened and maintained online, without having to go to a branch. Online bank accounts have similar features as the bank accounts functioning from streets.
However the main difference is the accessibility of the accounts. Street side banks offer customers with branches and bank staff to help them maintain their accounts. While online banks provide most of the services online, they don’t have branches and customers don’t meet the bank staff personally.
Tech savvy customers who use internet frequently can now make the most of online banks, as they make banking easier and simpler for customers. With online banks customers can save a lot of time, without having to visit the branch. Banking chores can now be completed by customers from any location provided they have access to internet. Below we have listed few of the features provided by online banks.
We can see that the features and services provided by online banking makes customers’ life easier, it also saves them from standing and waiting in long lines at the branch. Some people prefer online bank accounts as its less time consuming and simple to use.
Online bank accounts have many similar features and services that are similar to institutional bank accounts. With so much in common certainly customers would like to know why to opt for online banking, bearing this in mind we have listed some points below.
Hence from the above mentioned information we can clearly see that online banks can make customers life more comfortable, by helping them operate their accounts online. Online bank accounts are easy, safe and less time consuming. If customers are well advanced with technology and internet they can surely opt for online bank accounts, as it not only saves their time, but also helps them earn decent interest on savings.
Customers who opt for online bank accounts should be cautious about online banking security; it’s advisable to ignore phishing emails while following the other security methods to maintain the security of their account.