BMI Federal Credit Union Blog

First-time homebuyers have been getting tax credits of up to $8,000 since January as part of the economic stimulus package enacted earlier this year. But with the program scheduled to expire at the end of November, the House voted 403-12 Thursday to extend and expand the tax credit to include many buyers who already own homes. The Senate approved the measure Wednesday, and the White House said President Barack Obama would sign it Friday.  Read the complete story here.

Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. First-time homebuyers — or anyone who hasn’t owned a home in the last three years — would still get up to $8,000. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30.  

Visit BMI Federal Credit Union for your mortgage loan.  Great rates, low fees, and a quick turn around. 

We make banking personal.

The PEW Charitable Trust just published an extensive study of the state of practices in the credit card industry.  To no surprise, credit unions are by far the most consumer friendly.  Here are some notable excerpts from the PEW Charitable Trust study:

Credit unions offered significantly lower advertised rates compared to bank credit cards, with penalty fees that were half the cost of comparable bank fees and fewer dangers associated with “unfair or deceptive” practices.

One hundred percent of credit cards from the largest 12 banks used practices deemed “unfair or deceptive” under Federal Reserve guidelines. None of these bank issued cards could meet the requirements of the Credit CARD Act of 2009.

This is a lengthy study but it is mandatory reading if you currently have a credit card at a bank.  You can, of course, avoid all of the drama and just move your credit card balances to a 9.90% APR BMI Platinum VISA.

We posted information about this last week on our Blog.  Now it has made the Today Show.  Listen to CNBC analyst Carmen Wong Ulrich and Today Show Host Matt Lauer discuss new card fees some banks are charging even when you pay off your balance in full each month! 

Be sure to listen to the segment at the 3:32 second mark.  This is where Carmen extolls the virtues of credit union credit cards:

“Credit Unions, we’re talking no fees and great rates,” said Carmen Wong Ulrich in regards to Matt Lauer’s question about where consumers should go for their best credit card option.

If you haven’t switched to a 9.9% APR BMI FCU Platinum VISA yet, what are you waiting for?  Click here to apply today.

Consumers angry about some of the tactics of credit card issuers lately should take control of their cards and fight back with strategies such as switching to a card from a credit union, says Consumer Reports in its just-released November issue.

“If you regularly carry a balance, you can beat the card issuers at their game by keeping your debt as low as possible and perhaps switching to a card from a credit union or a regional or community bank, which tend to charge lower interest rates and have more pro-consumer policies,” said the report.

See the press release from CUNA with more details.

Ok, this is getting down right ugly now.  According to a recent article in USA Today, some banks are beginning to charge consumers even when they pay off their balance each month.   

Add this to the recent MSN Money article that reported banks were closing customers’ credit cards without even telling them and the consumer experience erodes even further.

Maybe it’s time to Change Your Experience.  Transfer your card balances to a BMI Platinum VISA and enjoy The BMI Experience.   After all, you are not just a customer at BMI FCU, you are a member/owner!

Last week Suze Orman appeared on the Morning Joe Show and discussed credit cards.  When asked about what consumers can do to help avoid being gouged, she suggested transferring your credit card balances to your credit union credit card. 

This 7 1/2 minute news segment provides a nice summary about how many banks are taking advantage of consumers by charging 30% interest rates and closing down access to cards, even if they have never missed a payment.  She provides practical information about what consumers can do to avoid the outrageous fees and interest. 

Don’t miss Suze’s conclusion at the 7-minute mark where she strongly suggests moving your credit card balances to your credit union! 

Who is getting it right?  Credit Unions!

This Thursday, Oct. 15, credit unions around the world will celebrate International Credit Union Day.  International Credit Union Day commemorates the important role credit unions have played in their communities since 1948.

Credit unions exist to serve members, especially during tough times like those we’re experiencing today. Instead of issuing stock or paying dividends to outside shareholders, we provide value to our members by returning earnings in the form of lower loan rates, higher interest on deposits and lower or zero transaction fees.

This year’s International Credit Union Day theme – Your Money. Your Choice. Your Credit Union – epitomizes credit unions’ longtime philosophy of putting people before profits in order to provide all members with access to affordable financial services.

Celebrate the difference!  Bring your business to BMI Federal Credit Union. 

In a recent radio broadcast, financial guru Dave Ramsey had this to say about credit unions:

“I’m a huge fan of credit unions and I endorse them in local communities. They are the equivalent of the old-time, small town bank. They actually have a soul and a different spirit of how they approach the customer.”

See a summary of what Dave Ramsey said and listen to the entire segment here.

The Wall Street Journal recently published a good article about credit scores.  You can read that article here. 

Remember, one of your benefits of membership at BMI is our annual SmartScore program.  In our SmartScore program we send our members their credit score, free of charge, each year.  It’s one more benefit of being a member/owner of BMI FCU. 

Our next SmartScore mailing is scheduled for the 1st Quarter of 2010.

Love and credit unions function in the same manner, said Pope Benedict XVI Tuesday in his third encyclical, “Charity in Truth,” which focused on the economy, business and finance.

“If love is wise, it can find ways of working in accordance with provident and just expediency, as is illustrated in significant ways by much of the experience of credit unions,” he wrote (The Wall Street Journal Blogs July 9).

Read the whole release here.