Read those disclosure letters that banks and credit-card companies are sending you in coming months!

“New legislation and Federal Reserve rules that go into effect in February and next summer will force banks and credit-card companies to give more notice of significant changes in card terms, limit some interest-rate hikes and require more detailed billing statements. But the rules will also require us to decide whether to opt in or out of rate increases and programs such as “overdraft protection” that we may have been automatically enrolled in previously.”

The letters may be easy to miss, since some of them look like junk mail. And don’t expect reader-friendly prose. The banks’ approach is: “It’s not our job to teach you the law; it’s our job to comply with the law,” says Adam Levin, co-founder and chairman of Credit.com, a credit-information Web site.

When you open the envelopes, here are some details to look for and moves you may want to consider:

Is the Credit-Card’s Interest Rate or Annual Fee Changing?

Many companies have been aggressively raising rates as high as 29.99%. But you now have the right to “opt out” of these changes before they become effective, essentially canceling the card for new purchases, though you can continue to pay off the balance at the old interest rate.

Read this whole article here.  And then transfer your balances to your BMI FCU Platinum VISA.   Don’t have a BMI VISA yet?  Apply now! 

“Early Show” financial contributor Vera Gibbons compared banks and credit unions Thursday morning (12/17/09).   Here is an excerpt from her segment.

There are any number of reasons switching from a bank to a credit union is appealing right now. Generally, it’s the fees, and the poor service. With everyone feeling the pinch these days, people have less money to shell out for bank fees that add up and less patience with bankers whose colossal failures have left the country in financial trouble. Consumers have had it, and they are walking out.

A lot of people are finding satisfaction with credit unions which are non-profit financial Co-ops. Credit Union membership grew 11 percent in the third quarter of this year ALONE. Some 90 million Americans now belong to one.

Read the entire transcript of her segment here.  And then move your business to BMI FCU, where you are more than a customer: you are a Member/Owner!

The positive media coverage for credit unions has been growing by leaps and bounds this year.  More positive press for credit unions recently appeared on the CNN Money Web site.   Below is a sampling of what that article stated about credit union credit cards being much more consumer friendly. 

But sweet revenge could be just a credit union away. A recent Pew Trust study determined that on average, credit cards issued by credit unions charge much lower fees than their bank-card brethren. For example, the median late fee on a credit union card is $20. For a bank card it’s $39. Yes, that’s right: Credit unions charge 49% less. Credit unions also offer a better interest rate deal. By law credit unions cannot charge more than 18% interest; the median bank-card penalty rate for late payments, according to Pew, is 29%.

So if you’re not exactly feeling the love from your current bank card, maybe it’s time to check out credit unions, whose nonprofit status tends to make them more customer-friendly.

You can read the whole article here.  Just another “Point of Differentiation” for credit unions! 

This is great time to transfer your credit card to BMI.  Click here to apply for your new BMI FCU Platinum VISA.    Afterall, our fixed rate VISA starts as low as 9.99% APR and during our 2010 credit card promotion, your rate could be as low as 7.99% APR.

The November 21st edition of the New York Times featured an article on some of the tricks credit card companies play with billing.   You can read the article here.   This interesting article looks at some of the games credit card companies use to increase late fees. 

Perhaps it is time for you to move your credit card to BMI FCU.  No games, no tricks; just a great card with a great rate!  Apply today by clicking here.

The BMI FCU Platinum Card has earned a 5-Star Rating and the Seal of Approval for fair and ethical practices from the Credit Card Connection, an online consumer advocate for fairness in the credit card industry.

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.

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.

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.

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!

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.

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. 

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