Credit union – KR2K http://kr2k.com/ Wed, 23 Nov 2022 18:02:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://kr2k.com/wp-content/uploads/2021/08/icon-150x150.png Credit union – KR2K http://kr2k.com/ 32 32 National Credit Union Foundation Marks 40-Year Milestone With Latest Cohort DE | 2022-11-23 https://kr2k.com/national-credit-union-foundation-marks-40-year-milestone-with-latest-cohort-de-2022-11-23/ Wed, 23 Nov 2022 18:02:00 +0000 https://kr2k.com/national-credit-union-foundation-marks-40-year-milestone-with-latest-cohort-de-2022-11-23/ The National Credit Union Foundation (the Foundation) celebrated 48 more graduates of its flagship Development Education (DE) program last week. The fourth and last cohort of 2022 marked the end of the 40 years of the DE programe year. This promotion joins more than 2,000 credit union advocates from 35 countries who have already received […]]]>

The National Credit Union Foundation (the Foundation) celebrated 48 more graduates of its flagship Development Education (DE) program last week.

The fourth and last cohort of 2022 marked the end of the 40 years of the DE programe year.

This promotion joins more than 2,000 credit union advocates from 35 countries who have already received their CUDEMT (Development educator for credit unions).

Dohnia Dorman, director of experience for the African American Credit Union Coalition (AACUC), was part of the promotion. Dorman said, “I’ve heard people describe ED as ‘transformative’ and ‘life-changing’ for many years. I can say with certainty that this is not hyperbole.

“I came back from DE with a better understanding of how multiple seemingly unrelated global issues can compound to make financial services inaccessible to so many. Most importantly, I have a clearer vision of how AACUC can influence our national and international credit union ecosystem and can partner with credit unions to address these issues and build the truly equitable financial movement. and inclusiveness for which the credit union system was created. ”

The Foundation’s Director of Programs, Tobi Weingart, added, “Consumer needs and expectations have changed dramatically since DE was founded in 1982. But the ability for credit unions to leverage cooperative principles to meet these needs, to work with empathy to understand their communities and develop products and services that have a positive and measurable impact on them – remains.

“The longevity of the DE program is a testament to the credit union movement’s unwavering commitment to improving the financial well-being of all.

Enrollment opens for the first DE class of 2023 later this month.

The full list of November 2022 graduates is as follows:

  • Joe Adair, Federal University Credit Union
  • Thalia Anguiano, CUNA Mutual Group
  • Nate Barker, Mountain Heritage FCU
  • Hank Baum, Mutual Security Credit Union
  • Caitlin Brama, Financial One Credit Union
  • Jenni Brennan, Clackamas FCU
  • Justin Brown, Coastal Credit Union
  • Gregory Carmichael, Civic FCU
  • Samuel Chambers, CUProdigy
  • Sokchiveneath Taking Chhoan, Fed des Caisses Desjardins Quebec
  • Lindsey Deinhardt, Allegiance Credit Union
  • Dohnia Dorman, African American Credit Union Coalition
  • Odyssey Dudra, Ent Credit Union
  • Jackie Gilbert, Suncoast Credit Union
  • Rick Goluszka, Illinois Credit Union League
  • Sheila Gonzales, FCU Electric
  • Julie Hardegree, Advanced FCU
  • Jen Hogan, Community Credit Union
  • Maurice Johnson, CUNA Mutual Group
  • Angie Kerr, Air Academy FCU
  • Francine Leslie, First Financial FCU
  • Ellie Lisinovic, Peach State FCU
  • Sarah Lopez, Nesenda Credit Union
  • Rob Lovesey, Serve and Protect Credit Unoin
  • Lisa Mason, NextMark FCU
  • Roosevelt McLemore, True Sky Credit Union
  • Dan Mitchell, CUNA
  • Lisette Molina, members’ credit union
  • Giovana Monaco, Connex Credit Union
  • Jim Phelan, Great Lakes Credit Union
  • Lorna Quinn, SchoolsFirst FCU
  • Josh Rhoden, SRP FCU
  • Brittani Richards, Thrive FCU
  • Mesha Rivers, VyStar Credit Union
  • Terri Robinson, Ironworkers FCU
  • Sonya Royal, Interstate Unlimited Credit Union
  • Martha Ruiz-Pinon, Rio Grande Credit Union
  • Shanna Schneider, Adventure Credit Union
  • Ashley Sellers, Elements Financial FCU
  • Carol Stelnicki, PSCU
  • Sam Sullivan, OAHE FCU
  • Chris Tompkins, GECU
  • Heather Uhl, WV Central FCU
  • Justin Weber, Alloya Corporate FCU
  • Chris Wester, Minnco Credit Union
  • Michelle Wood, Mazuma Credit Union
  • Kelly Woomer, Christian Financial Credit Union
  • Kiana Wright, Raiz FCU
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Forecast for HELOC rates in 2023 – Forbes Advisor https://kr2k.com/forecast-for-heloc-rates-in-2023-forbes-advisor/ Mon, 21 Nov 2022 09:00:39 +0000 https://kr2k.com/forecast-for-heloc-rates-in-2023-forbes-advisor/ Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors. If you’ve built up good equity in your home over the past few years, a home equity line of credit (HELOC) may be a good option if you want to finance a […]]]>

Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors.

If you’ve built up good equity in your home over the past few years, a home equity line of credit (HELOC) may be a good option if you want to finance a home improvement, consolidate debt, or need cash. for other substantial costs, such as tuition fees or a medical procedure.

HELOCs can provide an ongoing source of cash at a low interest rate without you having to refinance. With a HELOC, you can borrow up to about 85% of your home’s value as long as you have strong enough credit and good home equity.

Plus, because HELOCs are secured by the equity in your property, interest rates are often lower than other types of borrowing.

However, a downside is that HELOC interest rates are tied to an index such as the Federal Reserve (Fed) federal funds rate. As a result, HELOC interest rates are variable, meaning they can go up as easily as they can go down and cause significant increases in your monthly payment.

Given that the Fed has announced its intention to continue raising the fed funds rate through 2023, that’s not good news if you’re planning on getting a HELOC next year.

Where are HELOC rates going in 2023?

Economists expect the Fed to raise rates for at least the first quarter of 2023. The September 2022 Global Economic Outlook (GEO) from Fitch Ratings forecasts the funds rate to reach 5% in March 2023 and to rise further. will remain there for the rest of the year.

“Given that HELOC rates are strongly tied to the fed funds rate and the Fed is likely to suspend rate hikes early next year, we can expect HELOC rates to peak then,” says Robert Frick, a business economist at the Navy Federal Credit Union, adding that if inflation doesn’t peak as well, it could still put a damper on work.

Some economists expect HELOC rates to rise about 2% in early 2023 and remain high throughout the year, peaking at nearly 8%. Currently, published average HELOC rates range from 5% to nearly 7%.

How HELOCs Work

A HELOC allows you to draw on a line of credit as needed – like a credit card – up to a certain amount and when you pay off that balance it is possible to borrow more up to that amount repeatedly. Although a HELOC gives you an available line of credit to draw on, you only pay interest on the amount you borrow.

The main period, known as the “drawdown period”, is usually a fixed period, such as ten years, during which you draw down credit using designated checks or a credit card.

Once the draw period ends, the “refund period” begins. Also, a fixed period, this phase is when you must repay the outstanding balance of principal and interest on a consistent schedule.

HELOC refund periods can last for some time. HELOC durations of 10 or 20 years are quite common. The term length is the time you have to repay your loan. A 10-year HELOC will generally have a lower interest rate than a 20-year HELOC.

Will HELOCs be risky in 2023?

There are potential risks to consider when deciding if you should get a HELOC in 2023.

For one, HELOC interest rates are tied to an index, such as the federal funds rate, and tend to be variable. As a result, you are subject to higher monthly payments throughout the repayment period, although federal law requires HELOC rates to have a cap on how much they can increase over the term of the loan.

Another potential downside is that if you run into financial difficulty and are unable to repay your credit balance, also known as a default, your lender may freeze your line of credit, requiring immediate repayment. If things get worse, your lender can take your home as collateral, potentially foreclosing your home.

Additionally, HELOC rates tend to be higher than traditional 30-year fixed mortgage rates. HELOCs are considered second mortgages alongside your first mortgage. This means that the HELOC lender is second in line to be repaid after the lender on the first mortgage, if the property is foreclosed. Therefore, HELOC lenders charge higher interest rates to manage this risk.

To qualify for HELOC, the market value of your home must be greater than the amount you owe on your mortgage, usually 15% to 20% more. Lenders will also consider your credit score, debt-to-income ratio (DTI), and good history of paying bills on time. These factors will also have an impact on your interest rate. For example, a higher credit score will likely help you get a better rate. You can use a HELOC calculator to determine your estimated monthly payment.

Should I get a HELOC in 2023?

Whether you already have a HELOC or are considering getting one, you have options if HELOC rates rise to a point where your monthly payments become unmanageable.

  • Refinance your HELOC: There may be options to swap your adjustable rate HELOC for a fixed rate home equity loan. A home equity loan would give you a lump sum at a fixed rate and potentially longer term, which can help lower your monthly payments.
  • Pay off more of your balance: Since you only pay interest on what you borrow, paying off your outstanding balance before interest rates reset will protect you from rising rates.
  • Convert to fixed rate HELOC: “Hybrid” or “convertible” HELOCs can allow you to upgrade to a fixed-rate HELOC. Check with your lender if you can convert some or all of what you owe to a fixed rate and confirm if this rate is lower than the adjustable rate.

Despite the grim news about rising HELOC rates in 2023, if you’ve built up substantial equity in your home and need to fund a vital project or personal expense, getting a HELOC may still be the right decision for you. .

The best thing to do first is to talk to several HELOC loan experts about ways to keep your loan affordable and to carefully review all loan documents and disclosures. Additionally, given the ongoing economic uncertainties, consider consulting a financial professional about your financial health and long-term goals before committing.

Find the best home equity lenders of 2022

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Derry Credit Union pays over £1m in dividends and interest refunds https://kr2k.com/derry-credit-union-pays-over-1m-in-dividends-and-interest-refunds/ Fri, 18 Nov 2022 22:32:32 +0000 https://kr2k.com/derry-credit-union-pays-over-1m-in-dividends-and-interest-refunds/ Commenting at St. Mary’s College, the Caisse Populaire’s external auditor, Mr. John Bradley, praised the work of the Board of Directors in confirming impressive financial figures for the past year. Northern Ireland’s largest credit union, Derry Credit Union currently has 35,339 adult and 5,107 child savers, and continues to grow with assets now reaching £114m. […]]]>

Commenting at St. Mary’s College, the Caisse Populaire’s external auditor, Mr. John Bradley, praised the work of the Board of Directors in confirming impressive financial figures for the past year.

Northern Ireland’s largest credit union, Derry Credit Union currently has 35,339 adult and 5,107 child savers, and continues to grow with assets now reaching £114m.

Mr Bradley praised the credit union’s committed staff for choosing to remain open during difficult times such as Brexit, Covid-19 and the current cost of living crisis. He also praised the members of the credit union who remain loyal to the local organization.

Derry Credit Union Board of Directors. Seated left to right are newly elected Treasurer Carmel Bradley, outgoing President Sean Hegarty, Secretary Patricia Doherty and newly elected President Colm McCauley. Standing, left to right, directors Leo Simpson, Arthur Duffy, Laurence Arbuckle, Brigid McCarron, Jennifer Turner and CEO Joan Gallagher. Not pictured are Vice President Delma Boggs and Director Rosemary O’Doherty.

Members approved the proposed dividend of 0.4% and the reduction of interest rates on applicable loans by 25%. This equates to over £1million in dividends and interest rate subsidies now available to members.

In the Board Report, delivered by Board Secretary Patricia Doherty, members were informed that the merger with Claudy Credit Union was successfully completed in November 2021 and that the first sub-office of Derry Credit Union had opened on Main Street, Claudy, in December.

The meeting ended with the Board thanking members for their continued use of Derry Credit Union.

They also urged them to make the benefits of membership known to those who had not yet joined.

Colm McCauley, chairman of Derry Credit Union.

A raffle followed the closing of the deals with 26 members winning prizes ranging from £100 to £500.

Meanwhile, at the credit union’s organizational meeting held after the AGM, Colm McCauley was elected president by his fellow directors.

Assuming his new role, the new President paid tribute to outgoing President Sean Hegarty for his leadership, direction and professionalism throughout his tenure.

Colm McCauley was born and raised in Aranmore Avenue, Creggan Estate, and was one of ten children. He witnessed firsthand the extreme poverty, large-scale unemployment, impact of social injustices and lack of access to affordable credit facilities within the community in which he lived – the very circumstances that prompted the creation of Derry Credit Union.

Colm attended Holy Child Infant School and Long Tower Primary School and St. Columb’s College. He graduated from university with an honors degree and is a qualified accountant with the Chartered Institute of Public Finance and Accountancy.

Now retired from a long career in public sector finance, he was co-opted to the board of Derry Credit Union in 2016. Since then, he has served as Treasurer of Derry Credit Union for the past for the past four years, Chairman of the Caisse’s Finance Committee and Nominating Committee and composition of the Caisse Populaire’s Audit and Management Committees.

Colm believes that Derry Credit Union remains a vital asset to the local community, providing its members with affordable loan products. In addition, Derry Credit Union provides insurance benefits such as savings cover, loan cover and death benefit cover, and is also a place where savings play an important role in daily life. .

Colm is a strong supporter of the credit union’s request for approval to provide mortgages in order to remain competitive with other financial institutions and explains that such new services can be undertaken because Derry Credit Union is in a very stable financial position to move forward strategically.

In the role of President, he looks forward to continuing the excellent achievements to date.

Colm paid tribute to the dedicated workforce and members of the Credit Union and he acknowledged the tremendous continued support of the Derry Credit Union from the local community.

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VACU will add an arts district branch in the former Bistro 27 space https://kr2k.com/vacu-will-add-an-arts-district-branch-in-the-former-bistro-27-space/ Wed, 16 Nov 2022 05:49:24 +0000 https://kr2k.com/vacu-will-add-an-arts-district-branch-in-the-former-bistro-27-space/ A rendering of the planned branch at the corner of Broad and Adams streets. (Images courtesy of VACU) The region’s largest credit union continues to increase its visibility in the city. Virginia Credit Union has a new branch in the works at 27 W. Broad St., a former longtime restaurant in the Arts District. This […]]]>

A rendering of the planned branch at the corner of Broad and Adams streets. (Images courtesy of VACU)

The region’s largest credit union continues to increase its visibility in the city.

Virginia Credit Union has a new branch in the works at 27 W. Broad St., a former longtime restaurant in the Arts District.

This location would add to the credit union’s new $5 billion branch in Carytown and another slated to open in Scott’s Addition next month. These are the first two VACU locations in these two neighborhoods.

VACU spokesperson Glenn Birch said the downtown is scheduled to open in March.

VACU will be on the ground floor of the building owned by SNP Properties.

It would replace the existing downtown branch of VACU at 720 E. Broad St. on the ground floor of the building next to the National.

“Like the Carytown branch that opened in June and the Scott’s Addition branch that will open December 12, this is part of our growing commitment to the City of Richmond with smaller branches that can serve members through a combination of technology and personalized service,” Birch said in an email. “The North Adams branch will be our location in this downtown area as a more accessible and visible location than the current location at 720 E. Broad.”

VACU will lease the former Bistro 27 space at the corner of Broad and Adams streets to owner SNP Properties. As part of the conversion of the former food court into a bank branch, VACU hopes to add a walk-in ATM to the side of the building at the intersection. SNP requested permission from the city’s Architectural Review Board to make the modification to the ATM.

SNP is represented in this process by Baker Development Resources. His CAR request indicates that the ATM would replace a window pane on the exterior of the building circa 1910.

VACU’s branch at Scott’s Addition is nearing completion as part of The Icon mixed-use development.

“The proposed design would be compatible with the historic fabric of the block and allow the tenant to use the building for its original purpose as a retail storefront. The proposed design allows for the use of an existing historic building in the neighborhood while accommodating the pedestrian realm and increasing the functionality of the overall commercial use. The extremely minimal intrusion into the structure, with just the replacement of one pane, protects the historic facade of the structure while allowing for simple replacement should another tenant occupy the building in the future,” the application states.

The request is expected to be heard at the RAC meeting on November 22.

Bistro 27 had been in the Broad Street storefront for 15 years before closing in 2020. Another restaurant had been in the works since then but never materialized.

VACU’s continued expansion in the city shows it is unafraid of growth despite recently losing a years-long legal battle over its attempts to add members of the Medical Society of Virginia to its membership scope. . A group of Virginia Banks and the Virginia Bankers Association fought successfully to defeat this effort.

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Judy Garland Museum meets deadline to purchase land in Grand Rapids https://kr2k.com/judy-garland-museum-meets-deadline-to-purchase-land-in-grand-rapids/ Sat, 12 Nov 2022 20:01:26 +0000 https://kr2k.com/judy-garland-museum-meets-deadline-to-purchase-land-in-grand-rapids/ The Judy Garland Museum of Northeast Minnesota will be able to purchase land adjacent to its property with a donation from a credit union in Superior, Wis. A $125,000 bid on the green space next to Garland’s first home – part of a larger museum on the highway. 169 — has been on sale in […]]]>

The Judy Garland Museum of Northeast Minnesota will be able to purchase land adjacent to its property with a donation from a credit union in Superior, Wis.

A $125,000 bid on the green space next to Garland’s first home – part of a larger museum on the highway. 169 — has been on sale in recent months. The museum, which has long had permission from the landowners to use the tree property, had the right of first refusal. It had raised 65% in the first week of November, and Superior Choice Credit Union said last week it would donate the rest, helping the museum meet a deadline.

“This land purchase and strong partnership will allow the museum to expand its offerings and allow more children to experience interactive learning,” credit union president Tim Foster said in a statement. A press release.

The museum includes the Children’s Discovery Museum.

JANA HOLLINGSWORTH

SMALL FALLS

Morrison Co. renews request for information on Brisk homicide

The Morrison County Sheriff’s Office this week renewed a call for the public’s help in the investigation into the murder of Terrence “Terry” Brisk, who was shot with his own gun while hunting on Nov. 7 2016, about 10 miles north of Little Falls.

“According to evidence at the scene, the suspect was in close proximity to [Brisk] and we believe that [Brisk] and the suspect allegedly interacted before the homicide took place,” Morrison County Sheriff Shawn Larsen said in a news release. “Our office continues to review the physical evidence gathered and, with the changing technology, we continue to look for ways to keep this business active. “

The Minnesota Bureau of Criminal Apprehension is participating in the investigation. Officials are asking anyone with information — even if they’re not sure the information is important to share — to call the sheriff’s office at 320-632-9233 or share the tip online at crimestoppersmn .org.

Authorities are offering a $30,000 reward for information leading to an arrest and conviction.

JENNY BERG

ROCHESTER

Olmsted housing director joins national task force

Olmsted County Housing Director Dave Dunn has been named to a national housing affordability task force.

More than 30 county officials from across the United States are joining the National Association of Counties’ Housing Task Force to examine local government efforts to address the cost of housing.

“When Olmsted County residents struggle to find affordable housing, they are unable to fully contribute to our community,” Dunn said in a statement. “…I hope we can bring innovative ideas to our community and help other counties across the country learn from our experiences.”

TREY MEWES

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Arise Community Credit Union holds organizational meeting and submits applications | 2022-11-09 https://kr2k.com/arise-community-credit-union-holds-organizational-meeting-and-submits-applications-2022-11-09/ Wed, 09 Nov 2022 21:22:00 +0000 https://kr2k.com/arise-community-credit-union-holds-organizational-meeting-and-submits-applications-2022-11-09/ The Minnesota Credit Union Network hosted the official Arise Community Credit Union Organization Meeting at its Saint Paul offices on October 27, as the final step in the process to complete the credit union’s charter application. new. The seven organizers of Arise met to elect the members; elect the board of directors, the supervision and […]]]>

The Minnesota Credit Union Network hosted the official Arise Community Credit Union Organization Meeting at its Saint Paul offices on October 27, as the final step in the process to complete the credit union’s charter application. new. The seven organizers of Arise met to elect the members; elect the board of directors, the supervision and credit committees of the credit union; and approve the credit union’s bylaws.

The Caisse’s Board of Directors also held its first official meeting to chart the future of the organization.

With these final steps completed, the Association for Black Economic Power (ABEP) finalized the credit union‘s charter and insurance applications and submitted them to the Minnesota Department of Commerce and the National Credit Union Administration on October 31.

ABEP is a nonprofit organization created to establish a black-led credit union to address systemic financial challenges affecting Minneapolis residents, especially people of color. To support ABEP in its efforts, last year the Minnesota Credit Union Foundation decided to raise $1 million in capital through support from the credit union community. The Foundation is pleased to announce that the goal was reached last month, with $1,083,600 in capital contributions raised.

“ABEP and the new leadership of Arise Community Credit Union are extremely proud and humbled to be a part of this momentous occasion,” said Debra Hurston, Executive Director of ABEP. “We are witnessing history and are extremely grateful for the support and dedication of so many who have worked to reach this milestone.”

The initiative will now move into its next phase – strategically planning and beginning to implement critical elements of the credit union’s proposed business plan pending responses on charter applications.

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Webinar: How Credit Unions Can Better Serve Indigenous Communities | 2022-11-06 https://kr2k.com/webinar-how-credit-unions-can-better-serve-indigenous-communities-2022-11-06/ Mon, 07 Nov 2022 01:00:00 +0000 https://kr2k.com/webinar-how-credit-unions-can-better-serve-indigenous-communities-2022-11-06/ The heritage, culture and experience of Indigenous peoples both historically and in American life today will be observed during National Native American Heritage Month in November. CUNA and Inclusiv will co-host a free webinar for CUNA members on November 16, showcasing the strategies of credit unions that successfully provide targeted financial services to Native Americans […]]]>

The heritage, culture and experience of Indigenous peoples both historically and in American life today will be observed during National Native American Heritage Month in November.

CUNA and Inclusiv will co-host a free webinar for CUNA members on November 16, showcasing the strategies of credit unions that successfully provide targeted financial services to Native Americans in the continental United States, Alaska and Hawaii.

Presenters for “How UCs Can Better Serve Indigenous/Indigenous Communities” will include:

  • Shayna Ferguson, Lakota FCU loan manager/loan officer

  • Helen Mickel, Chief Executive Officer of Tongass FCU

  • Ron Moorhead, President/CEO First Financial CU

  • Robyn Miller, Branch Manager, Black Hills FCU

About one million Native Americans live in the 567 federally recognized tribal reservations, according to Inclusiv. Today, there are 16 Native Credit Unions, 74 Native Community Development Financial Institutions (CDFIs), and 18 Native Banks serving largely unbanked and underbanked reservation communities.

The 16 Native Credit Unions stretch from Hawaii to the Seneca Nation in New York, hold collective assets of approximately $300 million and serve 57,000 members. Although few in number, their impact is substantial and highlights the transformational impact of Community Development Credit Cooperatives (CDCUs) and CDFIs on local communities.

UNA News covered Ferguson and Lakota FCU’s innovative idea to bring credit union services to its members on the Pine Ridge Indian Reservation — more than two million acres — by bus last year. Earlier this year, Mickel explained the unique ways Tongass FCU serves natives in rural areas near Ketchikan, Alaska.

Webinar attendees will have the opportunity to share, ask questions, and learn how to be better advocates for financial equity and inclusion.

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CDs Vs. Stock Certificates: What’s the Difference? https://kr2k.com/cds-vs-stock-certificates-whats-the-difference/ Fri, 04 Nov 2022 01:18:21 +0000 https://kr2k.com/cds-vs-stock-certificates-whats-the-difference/ Greg Hinsdale/The Image Bank/Getty Images Certificates of Deposit (CDs) and Share Certificates are low-risk deposit accounts where your money can grow at a fixed rate. The main distinction between them is that CDs are products offered by for-profit banks, while stock certificates are offered by non-profit, member-owned credit unions. CDs and stock certificates: how they […]]]>

Greg Hinsdale/The Image Bank/Getty Images

Certificates of Deposit (CDs) and Share Certificates are low-risk deposit accounts where your money can grow at a fixed rate. The main distinction between them is that CDs are products offered by for-profit banks, while stock certificates are offered by non-profit, member-owned credit unions.

A CD is a type of bank account that is open for a predetermined term and earns interest at a guaranteed rate. Generally, the account holder cannot withdraw the principal from the account before the end of the term of the CD, otherwise they will incur an early withdrawal penalty. There are certain types of CDs that can allow for more flexibility, such as no-penalty CDs and replacement CDs.

CDs at FDIC-insured banks are insured up to $250,000 per depositor, per ownership class, per institution.

Share certificates, sometimes referred to as credit union CDs, are largely the same as CDs, except that they are offered by credit unions. Earnings on stock certificates are called dividends. Because credit unions are not-for-profit, their profits are distributed among members—who are, by nature, shareholders in the credit union—as dividends. Dividends work similarly to returns on CDs, although some credit unions may offer higher rates or lower fees due to profit sharing.

Like CDs, stock certificates are available in a variety of terms, and they generally cannot be liquidated without penalty until the end of the term. Federally insured credit unions are backed by the NCUA rather than the FDIC, but NCUA insurance still guarantees that up to $250,000 per depositor, per ownership class, per institution, is covered.

CD Share certificates
Offered by banks Offered by credit unions
Pay in interest Pay in dividends
FDIC insured Insured by the NCUA

To open a share certificate, you must first be a member of a caisse that offers them. Credit unions often serve a specific community, geographic area, type of employee, or association. Be sure to meet membership requirements if you are considering a credit union.

Some benefits of joining a credit union include:

  • Lower fees and higher returns: Since profits are shared among all members of the credit union, more money is funneled to members in the form of dividends and reduced fees. However, some online banks can still offer more competitive rates.
  • Community driven: Members of credit unions usually have things in common, whether it’s living in the same area, working in a similar field or being part of the same organization. As such, credit unions are often committed to serving their community and can provide essential resources and support to the community.
  • Power of decision: Each member of a credit union is also the owner of the credit union. Members have a say in the management of the credit union, including voting on board members.

If you want to join a credit union, see if there are any that are open to residents of your community. You can also find credit unions open to members of your profession or members of organizations to which you belong.

Standard CDs and stock certificates come with an important caveat: you don’t have access to the money in the account until the term is up, or you could face a hefty penalty. The reward for locking in your money for this set period is usually a higher payout than is offered on savings accounts, but it may not be worth it if you need more cash.

CDs and stock certificates are useful when saving for a specific goal, such as a vacation fund. You can choose a term that fits the purpose, so the money is there when you need it. You will earn a guaranteed rate until the end of the term.

These are not great options for an emergency fund or for other funds that may need more access. You generally cannot add or withdraw money from a CD or stock certificate, but you can with a savings account. While many institutions limit how often you can withdraw funds from a savings account to six times a month, you won’t be punished for withdrawing money from the account occasionally, when it is necessary.

Also, although CDs and stock certificates often have higher rates, some savings accounts offer very competitive rates. The highest savings rates, usually offered on online savings accounts, can be similar or even higher than the rates for CD products.

At the end of the line

If you’re looking for CDs or stock certificates, think about your priorities. In some cases, it may make more sense and convenience to open an account with a bank or credit union where you already have another account. But if you’re looking for the best yields, it’s a good idea to shop around.

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Centra recognized for its philanthropy https://kr2k.com/centra-recognized-for-its-philanthropy/ Tue, 01 Nov 2022 00:36:13 +0000 https://kr2k.com/centra-recognized-for-its-philanthropy/ Oct. 31—COLUMBUS — Centra Credit Union was recently honored with three statewide awards for its philanthropic efforts and customer-friendly programs by the Indiana Credit Union League. The winners were announced at the Indiana Credit Union League President’s Awards Banquet. Centra has received the following awards: * First place for the Alphonse Desjardins Prize for youth […]]]>

Oct. 31—COLUMBUS — Centra Credit Union was recently honored with three statewide awards for its philanthropic efforts and customer-friendly programs by the Indiana Credit Union League.

The winners were announced at the Indiana Credit Union League President’s Awards Banquet.

Centra has received the following awards:

* First place for the Alphonse Desjardins Prize for youth financial literacy.

This award recognizes leadership and activities that support the personal financial education of members and non-members.

Centra won first place for the team’s efforts to introduce the financial education app Zogo and improve the account opening process for members aged 13-17 by eliminating the requirement for an adult co-owner for the account.

* First place for the Louise Herring Philosophy in Action Prize.

This award recognizes a credit union‘s practical application of the credit union philosophy in the actual operation of the credit union. For example, the award is usually given for internal programs and services that benefit members of the credit union.

Centra took first place for introducing member loyalty rewards, including the streamlining of Centra’s checking account options and the initial $2 million payout in special dividends.

* Second place for the Dora Maxwell Social Responsibility Community Service Award.

This award recognizes a credit union or group for its social responsibility projects within the community.

Centra won second place for the team’s #PayItForward service project held on October 11, 2021.

Each member of the Centra team received a $20 gift card to use in the community. Team members can use gift cards individually or with a team to buy someone’s groceries, donate to a local nonprofit, buy snacks for first responders and more Again.

About Centra Credit Union

Centra Credit Union has 24 branches in central and southern Indiana, as well as in Jamestown, New York, and Whitakers, North Carolina.

With total assets of $2 billion, Centra is among the five largest credit unions in the state of Indiana.

Information provided — Information provided

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Affinity Plus celebrates the merger of White Earth Credit Union with the opening of a new branch in Mahnomen https://kr2k.com/affinity-plus-celebrates-the-merger-of-white-earth-credit-union-with-the-opening-of-a-new-branch-in-mahnomen/ Sat, 29 Oct 2022 05:26:19 +0000 https://kr2k.com/affinity-plus-celebrates-the-merger-of-white-earth-credit-union-with-the-opening-of-a-new-branch-in-mahnomen/ Earlier this year, Mahnomen’s White Earth Reservation Federal Credit Union merged with Affinity Plus, and the culmination of this merger came yesterday with the grand opening of Affinity Plus Federal Credit Union’s new Mahnomen site. “There are so many good things coming,” said Affinity Plus Mahnomen Branch Manager Amanda Jaeger. “Now they have grown from […]]]>

Earlier this year, Mahnomen’s White Earth Reservation Federal Credit Union merged with Affinity Plus, and the culmination of this merger came yesterday with the grand opening of Affinity Plus Federal Credit Union’s new Mahnomen site.

“There are so many good things coming,” said Affinity Plus Mahnomen Branch Manager Amanda Jaeger. “Now they have grown from 2 staff members to nearly 600 staff members and 30 branches across the state of Minnesota.”

The grand opening began with a drumming ceremony to officially open the new Mahnomen Federal Credit Union.

“It’s part of our traditions here on the reservation,” former White Earth Reservation Federal Credit Union board chair Christie Haverkamp explained, “We’re doing this to honor the new things that are happening here. and the great things that will happen for our people.”

In addition to the opening, Affinity Plus provided a $2,700 grant to Mahnomen Public Schools for a financial literacy course.

“They want to open their own school store within the school and be able to have this store run and run by this class of students. So that’s where our donation went,” Jaeger said.

At the opening there was also a raffle for a new television as well as a host of door prizes for guests.

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