Archive for November, 2009

Barron’s article says credit unions offer more-creditable credit card

November 24, 2009 at 8:50 am · Filed under Credit Union Press

An article in the November 23, 2009 issue of Barron’s (a sister publication of the Wall Street Journal) states that credit unions are by far the best choice for consumers. 

Its study found that consumers could save substantially by joining credit unions.  Although credit unions account for just 1% of credit-card lending, interest rates on their cards generally are about four percentage points, or 20%, lower than bank-card rates.   See the entire Barron’s article here.

The article concludes with the following statement:

There is one important difference between the two (banks and credit unions). Banks have a fiduciary responsibility to maximize returns to their shareholders. Credit unions are similarly obligated, but to their customer-members.

Thank you Barron’s.  You are helping communicate the credit union difference.

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Study finds that Bank Fees dwarf those of Credit Unions

November 23, 2009 at 11:41 am · Filed under Credit Union, Credit Union Press

Bank customers pay substantially more in overdraft fees and other account fees than credit union members, with low-balance bank customers taking the brunt of that burden, a recently released Filene Research Institute study has found.

The study, which was authored by University of California, Davis assistant professor of economics Victor Stango and Dartmouth College associate professor of economics Jonathan Zinman, draws information on transaction account fees from the account data of a panel of consumers.

See additional information about this study here.

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BMiMobile is Here! Mobile banking now available at BMI Federal Credit Union.

November 19, 2009 at 2:39 pm · Filed under Credit Union, Web site ·Tagged ,

BMI Federal Credit Union is pleased to introduce BMiMobile, our mobile banking platform.  Members can now access their BMI FCU accounts 24/7 right from the convenience of their supported mobile device.  See more information about BMiMobile here.

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Today Show: Credit Card Companies dramatically raising rates

November 10, 2009 at 9:52 am · Filed under credit cards ·Tagged , ,

There is a new study that shows credit card companies are raising rates dramatically and across the board.  Watch the Today Show Segment and hear about what may well be happening to you.  Now more than ever, consumers really do need to know “What is in their wallet”…

And now is a great time to transfer your credit card balances to a new BMI Platinum VISA.  With rates starting as low as 9.9% and virtually no fees, you will not find a better card for your wallet!

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Newsweek and Good Morning America tout Credit Unions!

November 9, 2009 at 11:33 am · Filed under Credit Union Press

Newsweek and Good Morning America recently carried stories highlighting credit unions’ services to their members.  See story here. 

“People often think banks, but credit unions are actually terrific. They report they save $8 billion in fees for their members because they allow for very low account balances, they don’t charge those pesky ATM fees and they actually give good rates on loans”, said Good Morning America financial reporter Mellody Hobson.

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First Time Home Buyer Credit Extended!!

November 5, 2009 at 4:56 pm · Filed under Mortgages

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.

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