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Make Financial Literacy a Summertime Priority

Congratulations to a very successful year! While so much was accomplished, many students did not have the time to open an account at the Student Credit Union. However, now that summer is upon us, experts say that we all should take this time to consider opening a credit union account – even seniors who are making the transition to college! Why?

We all have accounts at various financial institutions and feel they are adequate for our students and family. However, when you consider the long-term benefits of joining a credit union, switching makes sense.

Rising Bank Fees – It seems that every time we turn around, bank fees are on the rise. Banks focus on maximizing profits where credit unions are not-for-profit and return profits to its members with lower costs, better rates, and service. This translates to more money in your pocket.

Minimum Balance Requirements – Banks typically require higher minimum balances to avoid monthly fees. The Credit Union simply requires a $5 savings account balance, and there are no minimum balance requirements or monthly fees on checking accounts which include a no annual fee debit card.

Savings’ Rates – Earning the most you can on your savings is important, and what savings is all about. Credit unions are known historically for providing better savings’ rates. All Credit Union accounts are federally insured up to $250,000 by NCUA, and backed by the US Government.

Financing Rates – When it comes time to open a credit card account and finance a new/used vehicle, mortgage, or any other personal loan, credit unions are historically known for having better terms, lower rates, and retaining the servicing.

Locations, Locally and Nationwide – Our nation’s banks do not have ATMs and branches in every state and on/near every major college campus. Credit Union ATMs and shared branches are in every state and on/near every major college campus nationwide.

Lower Customer Service Ratings – For the past 20+ years, credit unions have out-paced banks in satisfaction ratings, according to the American Customer Satisfaction Index (ACSI) surveys. Your Credit Union is local, eco-friendly, and here for you today and tomorrow to ensure your financial success and satisfaction.

Become a well-informed consumer. As you can see, not all financial institutions are the same. Learning where you can maximize your savings and pay the lowest fees will benefit you and your family over the long run. Why pay more than you have to? Why not start saving today? Make a wise financial decision and join the Credit Union.

The Student Credit Union branch is closed for the summer and will re-open this fall, 2015. Plan to stop by a convenient branch location this summer to discover just how much the Credit Union can save you and your family. All family members are welcomed and encouraged to join. The Credit Union makes a donation to the Monarch High School PTSO based on the participation level.

Louisville: 800 Coal Creek Circle

Boulder: 5505 Arapahoe Ave. or 2667 Broadway

Questions? Visit our website at http://www.bvcu.org/coyotes , call 303.415.3504.

Have a great summer, be safe, and enjoy low-cost financial services.

Steve Carr, BVCU Public Relations and Education Specialist, 303-442-8850, scar@bvcu.org