Make your money matter

Photo credit: michael kooiman / Foter.com / CC BY

As a man who just entered his 30’s I am admittedly bad with my money.  I’ve got debt and I tend to spend more than I make.  However I’m trying to be better with my money but the current banking structure is cause for concern as well.  It is scary what banks do with our money, such as gambling in Real Estate and derivatives while the shareholders take all of the profit made with my money.  And the fees associated with banks suck as well.  So what is the answer?

Credit Unions

Photo credit: Foter.com / CC BY-SA

What is a Credit Union you ask?

Credit Unions are not-for-profit cooperatives that exist solely to provide financial services to their members. They offer more than just credit, and they’re not about unions—you can join one!  They are local organizations and offer all the same services of a big bank only by having an account with them you are one of the owners.

Why should you join a Credit Union?

•  On average there is a lower interest rate on loans
• Higher interest returns on investments
• Lower fees (on average) for checking accounts, ATM surcharges, overdrafts and stopped payments.
• Last year Credit Unions distributed over 2.3 billion back to its members
• Credit card rates that are 9% lower on average and equity that are 6% lower on average.

So the big question in today’s world of bank bailout and craziness is your money safe?  It sure is! Member deposits are insure up to $250,000 per account by the NCUA.  Also, Credit Unions have never needed a bailout by the US taxpayer.

So, why not switch to a credit union? 

As I write I have a window open in the background to find a local one near me.   I want little money I have to make a difference for the community and with credit unions it does.  It helps my neighbors, and my friends.  So I guess its time to make a change with my money.

“Make Your Money Matter”  is a grassroots campaign introduced by eight credit unions from across the country and PSCU that aims to educate a new generation of consumers about the wealth of benefits credit unions provide over big banks.

 “The impetus for this joint campaign came from the fact that credit unions offer all the products and conveniences you’d expect from a big bank, but unlike those big banks, credit unions are built around strengthening communities by providing low-interest loans and giving all their profit back to members, truly ‘making your money matter,’” said Fredda McDonald, Executive Vice President, PSCU, a leading provider of traditional and online financial services to credit unions. “With membership, the money you deposit stays in the community – your dollar could become somebody’s college degree or a loan for a family’s first home – and it’s these types of reinvestments that draw local-minded consumers intent on consumption that keeps communities growing.”

For more details

Visit MakeYourMoneyMatter.org to learn more.

This post is sponsored by Make Your Money Matter, in association with PSCU, though all views expressed are my own