News

Credit Union Membership Is Worth Hundreds
Did you know you're saving money--maybe hundreds of dollars a year--just by being a Priority First FCU member? Credit unions typically charge fewer and lower fees than other financial institutions, according to the Credit Union National Association's (CUNA) latest membership benefits report. Of course, the amount you save has a lot to do with your financial habits and the number of Priority First products and services you use. On average, credit union member households in the U.S. save about $140 a year. Some of those savings comes from higher rates on savings products. For example, according to CUNA's latest report, money market accounts at credit unions earned an average interest rate of .17%, while the same accounts at banks earned .10% interest. Lower rates on credit cards also benefit the bottom line. CUNA reported that the average rate for a classic credit union credit card...
Smart Money Move: Join a Credit Union
There are a few high payoff money-related moves: Pay off debt. Boost savings. Build a solid credit score. But a number of news outlets have another solid suggestion: Join a credit union. As U.S. News & World Report writes, when picking a new financial institution, don't forget about credit unions. "They tend to offer higher rates of return on savings accounts and lower interest rates on loans," reports Kimberly Palmer for U.S. News. "They're also an increasingly popular choice among former bank customers interested in exploring their options.” According to the Credit Union National Association (CUNA), the credit union movement now has more than 100 million memberships nationwide, about one-third of the U.S. population. U.S. News also cites CUNA numbers showing that credit unions have about 30,000 ATMs nationwide, many networked to allow access to members from credit unions across the country. Daily Finance also put together a list...
Millennials: Rethink Credit vs. Debit
There is a generational divide when it comes to shopping: A CreditCards.com survey indicates that boomers and millennials both choose plastic, but for the older cohort the word is “credit,” and for the younger it is “debit.” Both systems work well but boomers might point out to their juniors that using debit to the exclusion of credit has its handicaps. Millennials prefer debit over credit by a ratio of nearly 3 to 1, according to the survey, even though debit cards offer fewer protections and rewards and don’t help young people build credit. Matt Schulz, senior industry analyst at CreditCards.com, suggests that psychology may be a factor in the decision; consumers may be trying to limit spending to the money they have by using a debit card, which pulls money directly from a checking account. But if a scammer gets hold of a debit card, the consumer...