Credit Unions Vs. Banks ~ Who Loves You Baby? (2)

Credit UnionAs part of our change to a state charter, we’ve moved our online banking services to our new domain. If someone stole hundred dollars from me on a street corner I would probably never see it again, but with my credit union I would not have this problem because they are there to protect their customers against theft and fraud. LifeLock is a website that allows you to sign up personal alerts about anyone who may try to fraudulently open a line of credit in your name. Do not allow fear or one bad experience to prevent you from using a debit card, credit card, or any other service. It’s not the money, but the sheer disregard of a policy that was instituted to help people with high credit card balances.Credit Union

Use debit cards with Visa/Mastercard logos for added protection and make sure too bank with a financial institution that will protect you and your debit card, and believe me there are ones that will protect your assets, so take the time to do proper research. Capital One bought Union Plus from Hudson City Savings Bank in May 2012 for $31 billion, and they are evidently trying to get their money back by taking advantage of unsuspecting Union Plus credit card holders. Union Plus and Capital One obviously do not care about the average person’s credit card balance, and care more about their own bottom line. Teller roles are changing and that means that your bank will change as well over time.

If every credit card company worked the way Union Plus worked, then the U.S. economy would in worse shape than it is already. How Daily Balance Is determined: We take the beginning balance for each type of transaction that day; then add the following: any new transactions; any previous day’s periodic Interest charges; any Finance Charges; any fees and charges, including any credit insurance premiums or debt cancellation fees, if these apply.

You receive your March credit card bill on April 6, and you only have $1000 to put towards your bill. I gave Capital One the benefit of the doubt that they were unaware of the dubious nature of Union Plus’s Credit Card Agreement, since they had only just purchased the operation from HCSB. When I asked them if they would care if every Union Plus card holder was privy to my findings, they gave no response.

I won’t close the card because it is my oldest credit card (pre-HSBC even.) But I will certainly PIF and put it in a drawer. During August, credit unions picked up 573,000 in new memberships, loan balances grew at a 9.9% annualized pace, savings balances fell 0.5%, firms hired 136,000 workers, nominal consumer spending increased 0.4%, and long-term interest rates fell 15 basis points. At the end of August, CUNA’s monthly estimates reported 6,329 CUs in operation, down one credit union from one month earlier.

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