Pennsylvania Credit Union Association

Consumers Should Switch to a Credit Union

10/14/2011

HARRISBURG – As large banks impose higher fees on accountholders, consumers should switch to a credit union for lower fees and better rates advises the Pennsylvania Credit Union Association. With more than 500 credit unions operating in Pennsylvania, there is a credit union for everyone to join, search online at www.iBelong.org. Whether you’re saving for a rainy day or retirement, buying a vehicle or a home, a credit union can help you obtain your financial goals.

“As consumers become fed up with increasing bank fees, we encourage them to switch to a credit union for their financial needs,” says Pennsylvania Credit Union Association CEO Jim McCormack. “For more than 75 years, credit unions throughout the Commonwealth have been making a difference in their member’s lives by financing first cars, educations, and homes.”

A credit union is a cooperative financial institution owned and controlled by the people who use its services – its members. Credit unions serve groups that share something in common, such as where the members live, work, or worship. Credit unions are not-for-profit and exist to provide a safe and convenient place for members to save money and obtain loans at reasonable rates.

“In recent years, credit unions have become very convenient by offering online services and now smart phone apps,” said McCormack. In addition, credit unions in Pennsylvania have joined together to form an ATM surcharge free network called CU$ that offers credit union members more than 1,200 ATMs. Many credit unions also are linked into the CO-OP Network that grants access to 28,000 ATMs nationwide. “As a credit union member, you can access your money from these machines without incurring a surcharge,” says McCormack.

Furthermore, some credit unions offer shared branching services. This allows members to walk into participating credit union lobbies to conduct transactions in any of the 4,400 locations throughout the nation. For those who prefer technology, many credit unions offer home banking, online bill payer, and smart phone apps – all to make conducting financial services fast and easy.

Credit unions, like other financial institutions, are closely regulated and federally-insured. The National Credit Union Share Insurance Fund, administered by the National Credit Union Administration (www.ncua.gov), an agency of the federal government, insures deposits of credit union members at more than 7,000 federal and state-chartered credit unions nationwide. All credit unions in Pennsylvania are insured to at least $250,000 and backed by the full faith and credit of the U.S. Government by NCUA.

To join a credit union, visit www.iBelong.org for an online locator.

The Harrisburg-based Pennsylvania Credit Union Association is a trade association that provides legislative, promotional, educational and operational support for credit unions in Pennsylvania. Credit unions headquartered in Pennsylvania have assets in excess of $35 billion and serve more than 3.6 million members. For additional information about credit unions or to find a credit union near you, visit www.iBelong.org.

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