News

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...
Women Drive Household Finances
The purchasing power of women is rising. The amount of assets controlled by women in the U.S. is expected to climb from $8 trillion to $22 trillion by 2020. According to The Economist, women currently control 83% of all consumer purchases, ranging from cars to health care to electronics. In 40% of households with children, women were the primary income earner in 2013. And because women are statistically more likely to outlive their male spouses, the money they earn will have to last them longer. With that in mind, many financial experts are recommending that as women's economic power grows they take a lead role in managing their family's finances. At Priority First FCU we offer the tools and resources to help you do that. With retirement planning, debt consolidation tools, and financial education services, Priority First FCU can help you take ownership of your family's financial future. And because...
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