credit-unions

Closed BofA Bank Account Mysteriously Reopened With 1 Penny Balance
Chris was one of the many in October who closed their bank accounts with Bank of America, and other similar big retail banks, in protest over planned fees for using their debit card. But last week she found it had been reopened for no apparent reason, with a 1 penny balance out of nowhere. More »

Video: Occupy Portlanders Open Credit Union Accounts On Bank Transfer Day
Saturday was the fifth of November, and many remembered to take a stand and shut down their big retail bank accounts, transferring their cash to a new credit union account. Here's a video out of Occupy Portland covering what happened on Bank Transfer Day. Interviewees talk about why they're switching to a credit union, and how this is just the beginning. More »

Here's An Idea: Credit Union Pays Members For Using Their Debit Cards
Instead of charging customers a $5 monthly fee for using their debit cards, one credit union is actually paying its members to use their debit cards. In a direct jab against the big banks, First Community Federal Credit Union is running a promotion that lets members earn up to $5 a month for swiping their debit card. More »

650,000 People Joined Credit Unions In Just The Last Month
In the month following the announcement of Bank of America's (subsequently scrapped) plan to charge a $5 fee to some of its debit card users, at least 650,000 Americans consumers have opened accounts at a credit union. According to some reports, that's 50,000 more than the number of new accounts opened in all of 2010. More »

Video Of People Closing Down Their Accounts At Big Banks
Tomorrow is Bank Transfer Day. By this date, people all across America are shutting down their accounts at large, costly, name-brand banks and transferring their funds to new bank accounts at their local credit union or community bank. Here is an excellent video made in Portland that follows along with several different people as they close their bank accounts and give their reasons for doing so. One person wants to save money, another disagrees with the bank's foreclosure practices, a third is mad about the bailouts, and the last is a union withdrawing its funds to show solidarity with holding Wall Street accountable. More »

Credit Unions Seeing Surge In New Accounts
As you may have heard, more than a few people around the country have been out and about in recent weeks in protest of — well, in protest of a lot of things. But what many of these people (and many of us who are sitting in our homes) share in common is that they're fed up with the super-sized banks and are looking for alternatives. This appears to have led a growing number of people to the front door of their local credit unions. More »

November Fifth Is Bank Transfer Day
Remember, remember, the fifth of November, because that's when "Bank Transfer Day" is happening. By that date, all participants will have closed their big retail bank accounts and put their money in a local non-profit credit union or local or regional community bank. More »

Non-Credit Union Alternatives To Banks With Monthly Debit Card Fees
While often the default response online to people looking for something other than a big retail bank to stash their cash is to shout, "Credit union! Credit union!", they're not the only game in town. More »

Credit Union Decides To Clear Out Foreclosed Home Five Days Early
An Oregon woman who had recently moved out of her foreclosed home had been told by her credit union that she had until this Friday to clear her remaining property out of the home. But that didn't stop the lender from sending out a moving company this past weekend to take her stuff away anyway. More »

New Search Tool Helps You Find Credit Unions With Decent Credit Cards
As many of the bigger banks have reacted to credit card regulation by nickel-and-diming their customers, a number of people have begun looking to not-for-profit credit unions as a lower-cost alternative. Unfortunately, since most unions don't advertise and there often isn't one on every corner, they can be difficult to locate. But a new search tool from the folks at Nerd Wallet can help point you in the right direction. More »

How Can I Fix My Capital One Data Entry Error?
Devin moved his banking to a local credit union. Hooray! The problem is that he accidentally gave his credit card company the wrong bank account number when he switched banks. He didn't find out about the mixup until after his due date had already passed. He wonders: is there anything he can do to avoid the late fees and interest hikes sure to follow? More »

How To Find A Good Local Bank
So you're tired of banking at one of the big, faceless national chains and want to keep your money local? You can try one of the recent sites devoted to the local bank movement, like anewwayforward.org or moveyourmoney.info, or you can follow this Kiplinger columnist's lead and do it yourself with a little online research. More »

That Mysterious $230,000 Deposited In Your Bank Account Is Probably Not Yours
If you checked your bank account balance to see a mysterious $230,000 deposit, what would you do? If your answer is "contact the bank and make sure the money goes back to its rightful owner," you are correct. If you said "buy a Camaro and a new wardrobe, check into a hotel, and brag about your windfall to a police officer," you are incorrect. Unfortunately, an Alaska fisherman chose that second option, and now he's in jail. More »

Credit Unions Ask Customers To Leave
Credit unions might be attractive alternatives to big commercial banks, but they're not crisis-proof. OregonLive says about a fifth of the nation's credit unions are having financial troubles right now. To get in better financial health, they're introducing fees for services that have long been free, and even asking members to move their deposits to other institutions. More »

VIDEO: Should I Go Credit Union Or Bank?
Sick of interest rate hikes, new hidden fees, and their credit lines cut, more consumers are trying their local credit union a shot. This CBS video takes a look at a credit union in Michigan who bought back their credit card program that they had sold to large bank after members started complaining. More »

Magical USAA Check-Depositing Smartphone App Now Available For Android
Do you envy iPhone users' ability to deposit checks in their USAA accounts by snapping a picture and using a fancy secure app? Now, check-zapping abilities have been granted to phones using Google's Android mobile operating system. More »

Break Up With Your Bad Big Bank This Valentine's Day
You know what, it's just not working out. I'm sorry, giant bank, but it's time for both of us to move on. This Valentine's Day, it's time break up with your big bank, and this website will help snip the ties that bind. More »

Overdraft Fees Up 35% In Past Two Years

—>As a nation, we pay more each year in overdraft fees than we do for books, cereal, or fresh vegetables, says the Center for Responsible Lending (CRL)—and considering how outrageously expensive cereal is, they must be talking about a huge sum. They are: "Banks and credit unions collected nearly $24 billion in overdraft fees last year, an increase of 35 percent from just two years earlier."  More »

USAA: Opt-Out Of Mandatory Binding Arbitration By Closing Your Account

—>The "credit union on steroids" has gone to mandatory binding arbitration for all disputes, removing customers' ability to successfully sue them if things go wrong. Previously, USAA had arbitration as an option, but allowed members to opt out. Now, if you want to opt out of arbitration, you'll have to close your accounts.  More »

Credit Unions Dive Into The Student Loan Market

—>Private loans are the worst type of student debt, but the best place to get them may be your local credit union. Like most credit union products, their loans are usually a better deal with more favorable terms than similar loans from bigger banks.  More »