CBS Early Show, other Media Give Boost to Credit Unions

home title Posted by SIU Credit Union on Dec 21st, 2009 | View Comments home title

 

Is it time for consumers to dump their banks? That’s a question the CBS Early Show posed to consumers in a highly positive Thursday story about credit unions.

The story, “Credit Unions Better than Banks For You?” compared credit unions with banks, touting credit unions’ benefits–including low rates, member service and the fact that credit unions are still lending, even though many banks have pulled back.

“[Consumers are] tired of all the big fees being imposed by the big banks, they’re tired of the really bad customer service…so they’re making the switch from the banks to the credit unions. Membership was up 11% in the third quarter,” said “Early Show” financial contributor Vera Gibbons.

“If you look at the bank loan portfolios, they’re actually shrinking, whereas the credit union loan portfolios are growing,” she added. “What that means–is if you’re a creditworthy customer you stand a better chance of getting a loan at a credit union than at a big commercial bank.”

She also noted that credit unions offer higher rates on deposits and lower rates on loans, especially auto loans.

“The overall satisfaction rate is very high at credit unions,” Gibbons said.

Another story by CBS Moneywatch Thursday said to “consider a credit union” as one of the “nine best strategies for borrowing in 2010.” The story cited a 2009 Pew Charitable Trusts Study, which said credit union credit card interest rates are about 20% lower than banks. The Pew study has received significant attention from other media including The New York Times and The Wall Street Journal.

On Thursday, CNBC noted that consumers should check out credit unions when seeking auto loans. The story quoted Jim Hanson, Credit Union National Association vice president of personal finance. Hanson told CNBC that credit unions’ rates tend to be 1% to 1.5% lower than banks’.

To see a video of the CBS Early Show story, “CUs Better than Banks for You?” or to read the full MoneyWatch article, use the following links:

> CBS Early Show story: CUs Better than Banks for You?

> MoneyWatch article

Suze Orman to Larry King: CUs have great rates

home title Posted by Chris Sievers on Dec 14th, 2009 | View Comments home title

WASHINGTON (12/14/09 CUNA)–Credit unions offer better rates on credit cards, personal finance guru Suze Orman told Larry King on Larry King Live Thursday.

King asked Orman if credit unions are a better option for those interested in transferring their credit card balances to credit unions from a bank.

“Yes, yes, yes, yes,” Orman said. “Credit unions–especially ones that are federally chartered–the maximum interest rate they can charge you is 18%. Now, while that may sound like a very high interest rate, the truth of the matter is many of these banks today are charging 29.99% interest.”

“So here is what I am suggesting. I think the United States of America–all of you should start looking into credit union credit cards and do a balance transfer,” Orman said.

She suggested consumers visit creditcardconnection.org, a new site that offers information about financial institutions offering credit cards. Users can enter in their zip codes to find credit unions, Orman said.

Give SIU Credit Union’s credit cards a try. Compare our rates and fees to your big bank card to see the difference. Apply today and start saving.

Going on Your Next Employment Interview

home title Posted by Tracy Frischkorn on Nov 4th, 2009 | View Comments home title

Job interviews can be challenging and stressful.  Planning ahead and being prepared for hard questions will give you an edge. Here are some tips to ensure a smooth interview.

Tips:

  1. Practice interviewing ahead of time so you are comfortable with the process.
  2. Make sure your qualifications are appropriate for the position at hand.  Be ready to demonstrate your proficiency in the tasks associated with the job.
  3. Be prepared. Learn all you can about the company ahead of time.  Have an understanding of the business and the services provided.
  4. Dress appropriately. Project an image of workplace professionalism.  Understanding the environment of the business is critical.
  5. Speak slowly and with confidence.  Be prepared to sell yourself without being overbearing.   If you don’t know the answer, be honest.  Eye contact is essential and body language should convey a positive attitude.
  6. Don’t lie!  Exaggerations about previous jobs or experiences can, and will, come back to haunt you.  Employers do background checks, including previous positions and duties.   Be honest about what skills you have.
  7. Don’t interrupt the interviewer to interject your opinions or responses.
  8. Don’t bad mouth your old company or supervisors during the interview.
  9. Ask questions when given the opportunity.  For example, show interest in the position by asking specific questions about the tasks or ask questions about where the company sees itself in 5 years.

Send a follow up “thank you” letter to the interviewer showing your appreciation while conveying your continued interest in the position.

-Tracy Frischkorn, HR Director

Your Deposits are Insured

home title Posted by SIU Credit Union on Sep 15th, 2009 | View Comments home title

Credit Union leader Daniel Mica, of CUNA, outlines how credit unions are strong, safe and sound with virtually all insured by an agency of the federal government — just as banks are federally insured.

Mica, a former U.S. congressman, is president and CEO of the Credit Union National Association (CUNA), the leading trade association representing the nation’s 8,500 credit unions and credit union leagues in all 50 states and the District of Columbia. Credit unions are not-for-profit, member-owned financial cooperatives. With 90 million members – nearly one in three Americans – credit unions constitute perhaps the nation’s largest membership group.

ncua.2008At SIU Credit Union your savings are federally insured to at least $250,000 and backed by the full faith of the U.S. Government. National Credit Union Administration, a U.S. Government Agency.

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