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Tropical Financial Credit Union Provides Great Mortgages & Low Car Loan Rates in South Florida Video

Getting a loan doesn't have to be painful! Apply online today with Tropical Financial Credit Union for low rates on car, home, personal and business loans.

Snowbirds to the Rescue!

Snowbirds, repeat seasonal visitors who stay longer than the average Florida tourist, are coming to the rescue of South Florida businesses. These northerners travel from Canada and New England to escape the cold and enjoy the Florida winters. Thankfully, they bring their pocketbooks with them, bringing a much needed boost to Florida's economy.

Florida tourism has been on the decline in recent years, as the economy and businesses are hit hard by the recession. But snowbirds seem to have escaped the recession (partially thanks to the Canadian dollar) and are flocking to Florida at about 90% of their usual rate. These weekly to monthly visitors provide much needed business to local restaurants and businesses afflicted by high unemployment.

How to Set Your Children Up for Financial Success

All parents want the best for their children, but often the financial responsibility we learn from our parents is anything but responsible. One of the most important lessons a parent can teach a young adult is how to spend and save responsibly. Here are a few key ideas to discuss with your child to set him or her up for financial independence in the future:

• Explain the need for budgeting and how to create a working budget.
  
• Explain income taxes and how 401ks and IRAs can help you save on taxes, while saving for the future.
  
• Teach your child how to manage credit cards and avoid debt.
• Stress the importance of filing important documents in an organized manner.

President Obama Thanks Credit Unions for Small Business Lending

At a White House briefing on Wednesday, NAFCU President Fred Becker thanked President Obama for acknowledging credit unions' role in small business lending.

In a number of initiatives designed to open small business access to credit, the Obama administration included credit unions that serve as community development financial institutions in a proposal that would provide lower-cost capital if they lend to small businesses in the hardest hit rural and urban areas.

Obama noted his appreciation “for all that credit unions are doing” in lending to small businesses and business owners.

Open a Business Performance Checking Account, Get $50!

Get $50 when you open a TFCU Business Performance Checking Account before November 30th, 2009!

Business Performance Checking accounts with TFCU increase earning potential with variable interest rates of up to 1.00% APY. Interest is calculated daily and paid out monthly.

Creating a Realistic Budget

Managing your budget is one of the most essential elements in keeping your finances in order. These tips will help you prepare, and stick with, a working budget:

1. First, collect all financial statements for you and your family, including check stubs, bills and investments in order to get an idea of average monthly income and expenses. Be sure to differentiate between variable (groceries, clothing) and fixed expenses (mortgage, car payments).
2. Make adjustments as necessary, especially if your monthly expenses exceed your monthly income. It will be easiest to adjust variable expenses by dining out less and only purchasing essential items. Your budget may suggest the need for additional sources of income.
3. Continue to check your budget each month. Account for any new sources of income or added expenses. Your budget will change as your life changes.

For more information on creating a working budget, as well as a budget template, visit Tropical Financial Credit Union.

Establishing New Credit with a Credit Card

While the task of establishing credit can seem daunting while sitting at square one, there are a few things you can do to begin the process of establishing credit in your name.

Here are some tips for establishing credit:

1. Start by putting utilities in your name.
2. Open a checking and savings account with a financial institution and keep them in good standing. This will encourage your financial institution to consider you as a credit card applicant.
3. Pay your bills on time and keep overall debt low.
4. If you choose to open department store credit cards, use them to establish credit only. Purchase one item per month and pay the entire balance off monthly.

When to Refinance Your South Florida Mortgage Loan

Knowing when to refinance your South Florida home mortgage loan can help you take advantage of low interest rates and save you money.
Interest rates in Florida are at all-time lows. Refinancing your home can save you money on your monthly mortgage loan payments. Whether your credit score has recently improved, or you want take advantage of the state's record-low interest rates, see what refinancing your home mortgage can do for you and your monthly mortgage payments.
Free online mortgage calculators, like those offered by Tropical Financial Credit Union, can help you find out if refinancing is right for you.

US Mortgage Delinquencies at Record Highs

High levels of unemployment keeps pushing the rate of mortgage delinquencies upwards, which could, in turn, raise personal bankruptcies and home foreclosures, according to monthly data from the Equifax Inc. credit bureau.

A record 7.58% of U.S. homeowners with mortgages were at least 30 days late on payments in August, up from 7.32% in July, according to the data obtained exclusively by Reuters. The rate of subprime mortgage delinquencies now tops 41%.

August marked the fourth consecutive, monthly, accellerating increase in mortgage delinquencies. Equifax data showed by comparison, 4.89% of mortgages were 30 days past due in August 2008, while in August 2007, the rate was 3.44%. August bankruptcy filings were up 32% from last year.

Affording a Home

When you look at purchasing a Miami or South Florida home, you and the mortgage lender will need to know if you can afford the financial commitment. Whether you are a first-time buyer, in the market for another home or perhaps even relocating for a new job, there are requirements to be met. The following information will help you sculpt an idea of affording a South Florida home loan in today's ever changing market.

First, the lender will want your personal information, including who you are, where you work, how much money you earn, your credit history and expected down payment.

Next, you must have a clear idea of if you can afford the South Florida home in question. With a realistic look at your personal financial budget you will be able to understand the amount of the home loan you can afford. Another variable to consider when preparing your budget is to include the maturity of the home loan, such as a 15 year loan vs. a 30 year loan.

Make sure your decisions are informed and accurate. You can play with the calculations and numbers, but make sure you are honest with yourself about these figures. Run through as many "what if" scenarios as possible. Considering this information will be helpful later and you may find yourself grateful for a mortgage loan that you can truly afford.

Financial Fitness: Debt Management and Financial Planning

Financial fitness starts with goal oriented solutions, including financial planning with debt management.

1. Healthy Credit Profile - Starting, maintaining and consistently monitoring are the keys to a healthy credit profile.
2. Debt Management - TAKE CONTROL! This means start living within your means and not letting impulse and pressure make you a victim of unhealthy debt management.
3. Reduce Debt - Rather than making that next purchase, put that money toward managing the debt you currently have.
4. Budget - A financial budget allows for an clear look at our finances.

Members of Credit Unions have the opportunity to benefit not only from high yield savings and checking accounts, but also high return CDs and other benefits. Many customized financial planning and debt management programs are available, including Home Loan Programs, Young Adult Programs, Retirement Financial Planning Programs and more.

This is because credit unions are owned by you, their members. Credit Unions fortify their financial strength by being a not-for-profit organization where profits are returned to their members in the form of lower interest rates and higher yields on savings accounts.

Pros & Cons of Conventional Loans and How to Get Them

There are many types of conventional loans, secured loans, mortgages, signature loans and car loans just to name a few, each with their pros & cons. Certainly you will need to weigh the pros and cons of the types of conventional loans, and how they fit into your financial needs and budget.

Loans will typically fall into one of two categories: unsecured loans and secured loans.

A secured loan, also known as a collateral loan, is where collateral is offered and will be sold by the bank to re-pay the money borrowed in the event of a default on the loan. Banks will usually accept property, stocks and bonds as collateral until the secured loan is paid back in full. Some of the advantages of a secured loan are a chance at having a lower interest rate and convenience. Lenders are more likely to loan money and at a lower interest rate when assets and collateral are used. The risk, of course, is losing the collateral that you or a co-signer has used to secure the loan.

An unsecured loan, or signature loan as it is often referred to, is a loan that is not secured with collateral. These loans are based primarily on your credit rating, the amount of income that you earn and your debt to income ratio. You can expect to have a higher interest rate with an unsecured loan versus a secured loan. However, one of the pros to this type of conventional loan can be the convenience of a quick loan with no application. Imagine how fast a credit card transaction takes place; it can take only a few moments to receive a loan for an item that you want to purchase.

Online Banking Safety Tips

With online banking becoming more popular and practical, safety should be a key issue between you and the bank you do business with. It is important to make sure that your bank has taken the measures to ensure that your financial and personal information is being protected from identity thieves.

Here are two tips to ensure Online Banking Safety:

• Browser Security - Security begins with your web browser. You can protect yourself online by using an up-to-date browser with the most recent security updates.
• Encryption - Your bank should be using an encryption system and Transport Layer Security (TLS) to ensure your online banking safety. TLS is an advanced technology used to scramble your personal banking information and keep it out of the hands of identity thieves.

Small Business Banking: Free Business Checking and Savings Accounts

As a small business owner, you want to focus on banking features that are available, useful and help you realize success with your company. Each financial institution offers unique small business banking programs and packages, ranging from free business checking accounts, business savings accounts, loans and credit card services as well as online features from credit unions and banks.

Here are a few things to consider when looking for a small business banking account:

• Some credit unions and banks offer free business checking accounts, while others require a minimum balance.
• You may need after hour depositing. Many small business banking programs include this.
• Most banks and credit unions offer a debit card or check card with the opening of a free business checking account.
• You may have an option of an unlimited amount of transactions when you start a free business checking account with your credit union or bank or there may be limits on usage and account balances.
• Overdraft protection can be useful when you use your business savings account to cover any overages by your business checking account.
• Your business funds can earn money with an interest bearing savings account.
• CD's and money market savings accounts are offered as another source of generating money with your business savings account.
• Small business loans from credit unions or banks can be an essential element for expansion in the event that you do not have the capital to cover the cost of growing your company.
• Online business banking has opened the door for convenient, 24 hour access to your account including statements, bill payment and the transfer of funds across accounts.

Building Models for Budgeting and Financial Planning in a Recession

Chances are you or someone you know has been hit hard during our current economic recession. Knowing when and how much to spend or save can seem daunting when faced with the present economic crisis. There are ways of building your own financial models for budgeting and financial planning so that you can deal with the ever present financial obstacles of life while weathering the storm of a recession. Budgeting, strategic financial planning and simple common sense are several ways to start.

• Working Budget - Begin by creating revising a realistic and working budget which outlines your income, dividends and expenses. A budget allows you to examine how much money you make and where it goes and gives you an opportunity to make changes where needed.

• Strategic Financial Planning - Decide where to make adjustments in your budget. Budget variable expenses by cutting back on eating out, buying non-label or generic items and, making local plans rather than vacationing out of town.

• Common Sense - Preparing for the worst may be the best attitude to adopt in our current economic situation. Increasing the amount of money that's put into your savings and building a three to six month emergency savings fund model into your financial budget can help you prepare for unforseen circumstances.

Be ready to make good financial choices for you and your family during this recession with sound judgment, strategic financial planning and realistic obtainable budget. Tough economic times call for tough financial planning and budgeting decisions to be made; let common sense be your compass when building financial models for you and your loved ones.

South Florida Credit Union Raises Money for Children's Cancer Caring Center

Tropical Financial Credit Union announced the next charity event to benefit the Children's Cancer Caring Center (CCCC). The event, "A Night at the Improv," will take place on Thursday, August 20, 2009 at 8:00 PM at the Palm Beach Improv.

Previous CCCC charity events have raised over $20,000 to support children with cancer thanks to donations, raffles and ticket sales. This event will also feature great raffle prizes to encourage attendance and for additional support for cancer. All procedes go to the CCCC to cover costly medical care for children and families affected by cancer.

The CCCC is the only free pediatric oncology treatment center for children with cancer in the Southeastern US. The center covers treatment costs for children from infancy through 20 years of age, or until treatment is complete.

Join us August 20th at the Palm Beach Improv for a night of fun, prizes and comedy for a cause!

Associated Press Economic Stress Index

The Associated Press (AP) has compiled foreclosure, unemployment, and bankruptcy data in order to create a county-by-county index of the impact of the current economic situation across the nation.

The Economic Stress Index map shows a trend of highly populated, urban areas experiencing the worst of the recession and rural, inland areas experiencing a less harsh recession. The indices range from 0 to 100, with 100 being the areas most affected by the recession.

Broward and Miami-Dade Counties both have an Economic Stress Index of over 15 and Palm Beach County follows with an index of almost 14. This is due to high levels of unemployment, foreclosures and bankrupcy across South Florida.

"A Night At The Improv" Is Back

Tropical Financial Credit Union will be hosting another "Night At the Improv" Thursday, August 20th at 8:00pm, doors open at 6:30pm.

If you missed TFCU's previous Comedy Cures fundraisers, you won't want to miss out again. There will be plenty of raffle prizes, door prizes, charity donations and of course - comedy!

Tickets are available at TFCU's West Palm Beach and Lake Park branches or online from the Palm Beach Improv. Limited tickets are available so get yours before they sell out!

Get Stoked For Our One-Day Car Sale!

Join us this Saturday, June 27th from 9AM to 3PM for TFCU's One-Day Car Sale.

Choose from our large selection of pre-owned vehicles with financing on the spot. Get Pre-Approved today to take advantage of Auto Loan Rates as low as 3.99% APR for 36 months!

Rain or Shine - Come early for the best deals.

The event is located at TFCU's Main Branch: 3050 Corporate Way Miramar, FL 33025.

Complimentary food and refreshments will be provided.

TFCU Sponsors Business Card Exchange - July 16, 2009

Tropical Financial Credit Union is sponsoring a Business Card Exchange Networking Event on Thursday, July 16th from 5:30-7:00 PM.

The Miramar Pembroke Pines Regional Chamber of Commerce Networking Event will be held at 3050 Corporate Way Miramar, FL 33025. The cost is $5 for members, $10 for non-members.

Bring your business cards and planner in preparation for an evening of networking and fun. Perfect for those who have recently lost their jobs or anyone looking to build new business connections.

TFCU Holds 3-Star Bauer Financial Rating

Coral Gables based Bauer Financial found that most large Florida credit unions were in good shape after analyzing the first quarter of 2009. Bauer Financial uses federal regulatory data, including capital ratio, profit/loss trend and delinquent loans in order to rate credit unions.

Tropical Financial Credit Union held on to its 3-star Bauer Financial rating in the first quarter. With assets of $738 million, TFCU is South Florida's second-largest credit union.

Comedy Cures 2009 - Supporting the Fight for Children's Cancer

On April 30, 2009, Tropical Financial Credit Union hosted the Second Annual Comedy Cures benefit - A Night at the Improv and raised $14,788 to help support children with cancer at the Children's Cancer Caring Center (CCCC).

The CCCC is the only free pediatric oncology treatment and cancer support center in the Southeastern US. The CCCC covers treatment costs for cancer patients from infancy through 20 years of age.

The event was held at the Improv Comedy Club & Dinner Theatre at the Hard Rock Hotel & Casino in Hollywood, FL and was sold out more than a month before the annual benefit. Comedian Steve Byrne performed a stand-up comedy act and the night ended with a raffle.

The Treasure Hunt Is On!

Tropical Financial Credit Union offers online bill pay as a part of TFCU online banking service. Eliminate the need for costly stamps and envelopes, and save time by paying your bills online with TFCU. The best thing about online bill pay is you can manage all of your bills in one place, secured by one password. Save time by organizing all of your bills - credit cards, car payment, phone bill and more - with TFCU bill pay. Tropical Financial Credit Union will even give you $10 just for trying online bill pay and paying 7 bills by July 31, 2009. What have you got to lose?

While you're logged in to TFCU online banking, keep your eyes peeled for the key (above) for your opportunity to win $1,000!

The Treasure Hunt is on until July 31st.

Florida Congressman Discusses the Role of Credit Unions in the Economy

Florida Congressman Alan Grayson is featured in the following video. 

In the video, Alan Grayson discusses Credit Unions and their positive role in the current economy. Although these are difficult times, credit unions are doing more than their fair share to restore the American economy to normalcy. While other businesses are looking to make a quick buck, credit unions are attacking the root of the problem and helping communities to rebuild from the bottom-up. 

Retirement Visas May Save Florida Real Estate Market

Florida is considering the implementation of a federal retirement visa policy in order to create new jobs, increase economic output and put more money in Floridians' pockets. The creation of a retirement visa may advance investment and demand in the Florida real estate market, which would benefit Florida as a whole. 

A retirement visa is an immigration authorization that allows foreigners meeting asset and age requirements to retire in the U.S. Currently, this special immigration program does not exist in the United States.

It is projected that hundreds of thousands of jobs will be created and sustained from the increased investment in the housing market if the retirement visa is implemented. By 2018, an additional $25 billion in gross state product, $44 billion in total sales and $15 billion in Floridians' disposable income could result from the immigration program. 

The retirement visa would attract long-term visitors from around the world who are willing to invest and consume in Florida. With a large percentage of foreign home buyers living in Florida already, this is a creative and new option which may have a positive effect on the housing market and Florida's economy as a whole. Nearly 30% of real estate transactions in Florida are with an international buyer, but the current immigration laws prohibit many foreigners from residing in the U.S. year round. The retirement visa would jump-start the housing economy and encourage international trade, tourism and commerce.

TFCU Plantation Branch Grand Opening

Tropical Financial Credit Union's Plantation Branch will be hosting its Grand Opening Saturday, April 18, 2009 from 11am to 1pm. 

The full service branch will extend TFCU services, such as free personal and business checking accounts and low mortgage rates, to the city of Plantation. 

Join us tomorrow afternoon for family fun with Dora the Explorer and Diego from Nick Jr. 

Tropical Financial's Plantation branch is located at 850 North Nob Hill Rd. Plantation, FL 33324. Visit our website for driving directions and more branch information.

Inflation Rises Faster Than Income in Florida

In Florida, per capita income rose slower than inflation last year. This means the average person was essentially earning less, according to federal statistics. 

Florida ranked 45th in the nation for growth in per-person income according to the Commerce Department. 

Per capita income refers to the total income earned in the state divided by the number of people who live in the state. Florida's per capita income increased 1.7% last year (from $38,417 to $39,070).

The national inflation rate was 3.8%, according to the U.S. Bureau of Labor, but the rate in Florida was 4.6%.

This is a reflection of how widespread the economic downturn has been in our state. Arizona, Idaho, Nevada, Georgia and Utah were the five states to experience even less economic growth than Florida.

Artists Inspired By Economic Downturn

The economic downturn may have been good for something - many artists are finding inspiration in the current recession. 

Andres Zapata came across a bag of credit card clippings and decided to arrange and photograph the credit card pieces. He titled the photo Plastic (above), as a response to the things he "purchased that he didn't need and couldn't afford." Plastic will be published in a book of recession-themed artwork later this year. 

Zapata also began working on Recession Nation in January, a book of art and poetry inspired by the financial crisis. He has received submissions from around the country and hopes to compile 100 pieces. Proceeds from the book will be donated to charity to help those most affected by the recession. 

But Zapata is not the only artist inspired by his economic woes; there are a growing number of artists around the world who are creating songs, paintings and photos inspired by the downturn. This artwork serves to document the recession and its effect on society and is being compared to the social commentary that came out of the depression era. Documenting history as it occurs is important and self expression is one of the best ways to chronicle today's events for the future. Sometimes, people are at their best when circumstances are at their worst. 

Have You Heard The News? Relax, You're Protected!

Credit Unions as a whole have sucessfully escaped the banking meltdown and lending crisis. 

Two corporate credit unions were siezed by federal regulators in order to protect deposits. The credit unions in question, US Central Federal Credit Union and Western Corporate Federal Credit Union, were merely clearinghouses which offered loans and services to retail credit unions. Both credit unions were at risk, but the deposits were always protected by the NCUA for up to $250,000.

Members of Credit Unions should not be alarmed at this news. This is a case of the NCUA working for you to protect your money. The National Credit Union Association (NCUA) insures credit union deposits the same way the FDIC insures bank deposits. Both have increased their coverage from $100,000 to $250,000 until December 31, 2009. As long as your credit union is covered by the NCUA, your deposits are safe. 

Tropical Financial Credit Union is federally insured by the NCUA for up to $250,000.  

Florida's Population Projected to Increase Despite Economy

Florida is one of the states which has been most affected by the economic recession, especially in terms of mortgages and foreclosures. However, Florida's residential real estate market may find relief in the projected population increases for our state. 

Florida has long been one of the fastest growing states, both from natural population growth and foreign and domestic migration. Everyone knows a lot of people come to Florida to retire, but many middle aged and young people across the world also move to Florida in search of work. 

Since the recession began in 2007, Florida's population has been steadily increasing at a rate of over 200,000 residents per year. From 2010 to 2020 this number is expected to increase to over 300,000 residents a year - on par with the population boom of the 1980s and '90s. 

This increase is due to the surge of baby boom retirees and the abundance of new job opportunities in Florida's metropolitan areas. Tourism, technology, international trade and business services are all fields that attract 20-50 year olds to Florida's cities. Many of these new residents of Florida travel from New York, New Jersey, Illinois, Ohio, Pennsylvania, Michigan, California, Venezuela, Puerto Rico, U.K and Canada to take advantage of Florida's diverse economy.

The US Census has projected that by 2010, Florida will overtake New York as the third most populated state. 

Florida's Unemployment Reaches 17-Year High

Florida's unemployment jumped a whole percentage point from 7.6% in December 2008 to 8.6% in January 2009. This increase marks a 17-year high for Florida's unemployment.

The total number of unemployed in the state is estimated at 800,000, with over 300,000 job losses this January alone. Some project the effects of the recession to linger in Florida until mid 2011 and estimate unemployment to rise to over 10% in the state. 

However, the $13 billion stimulus package is projected to create 200,000 Florida jobs and has extended eligibility for unemployment benefits for up to 59 weeks. 

South Florida Credit Union Expands Into Plantation

Tropical Financial Credit Union continues to expands and opens a new branch in plantation, Florida. The South Florida credit union helps customers and offers free personal and business checking in Florida along with many more products such as competitive new and used car loans and low mortgage rates.

i$ucceed Helps Young Adults Establish Credit In Florida

Tropical Financial Credit Union has started the i$ucceed program to help young adults establish credit. This new program helps people get a free checking account in Florida and grants access to member services. Those who are between the ages of 18-24 and live in Palm Beach, Broward and Miami-Dade Counties are all eligible to apply.

Credit Unions Remain a Safe Haven

With banks failing weekly, savers worry about the longevity of their financial institutions and the security of their savings, while borrowers scramble to find willing lenders offering affordable rates. 

Thankfully, more and more former bankers are finding safe haven in their local credit union. Credit unions seem like a no-brainer, boasting higher interest rates for savings and lower rates for loans than traditional banks. 

Credit union membership rose 5 million from 2004 to 2008. Credit union lending rose $36 billion from 2007 to 2008, coinciding with a decrease in bank lending of $31 billion in the same year. 

Not only do credit unions offer better rates, they blow the competition away with outstanding customer service, all without monetary assistance from the federal government. 

"The credit union industry has proven solid," said Karen Dorway of BauerFinancial, a firm that analyzes banks and credit unions. Loans from credit unions increased 7% last year, largely due to first time mortgages and auto loans. Delinquencies on these loans are less than half of the amount of bank loan delinquencies. 

Banks Take a Hint from Credit Unions

Banks may finally be forced to offer reasonable interest rates on consumer loans and credit cards. 

Since the beginning of the year, millions of credit card customers have been hit by rising interest rates, many from lenders who have received billions in government bailout money. 

Vermont Senator, Bernie Sanders, has proposed a bill which would set a 15% cap on the interest rate for consumer loans. Currently, there is no nationwide usury law which regulates bank consumer loans, and consequently, rates have soared to almost 30% from financial institutions like Citigroup. Rate increases are also evident from Bank of America, JP Morgan & Chase, Capital One and more. Credit Card defaults are quickly rising to a record 10% but banks have not lowered their rates to balance the issue, they seem to be cashing in on the economic downturn. 

If Sander's bill passes, banks will be forced to follow in the footsteps of the National Credit Union Association (NCUA) by capping interest rates at 15-18%. The rate cap has not impaired federally chartered credit unions, like Tropical Financial Credit Union, in their ability to continue lending - even in these tough economic times. 

Sanders believes that even though 15-18% is enough to cover the lender's risk in offering a loan, the banking industry will lobby heavily against this radical bill. However, "the American people are disgusted with the financial industry. They want change." Sanders wonders if it is in fact ethical to charge 30% interest rates, when credit unions are thriving and staying under 20%. 

I-595 Expansion: More Lanes, Safer Ramps, New Jobs

Construction to expand Interstate 595 and accomodate traffic growth will begin this Summer. This will be the most expensive road project in Florida's history and will create thousands of construction jobs while pumping $1 million into Florida's economy daily. 

The completed I-595 is expected to be unveiled by 2014. It will feature express lanes for long distance commuters, new ramps and a safer Florida's Turnpike interchange. 

The construction is in response to an increased traffic flow through the area which worsens backups and hazards that lead to accidents.

One of the newest additions to 595 are the express lanes. These are similar to the express lanes found on I-95 in Miami in that SunPass customers can pay a toll to bypass traffic during congested times. The toll revenue will be used to fund the project. 

One of the most needed results of this project is the number of local jobs which will be created. For every $1 billion spent on non-residential construction in Florida, 23,000 jobs are created. 

Lending is Up, No Thanks to the Bailout

Lending is up, but it's not an effect of the bailout. Smaller financial institutions are driving the lending market singlehandedly. 

In fact, lending has grown more slowly among financial institutions who received a bailout than those who were uneligible. Some of the largest banks (Bank of America, JP Morgan Chase and Citigroup) have even reported declines in loans given on their latest financial statements. 

Smaller banks and credit unions have boosted lending in part by diverting business away from larger financial institutions which offer fewer lending options and higher rates. 

People are looking toward credit unions and small, local banks when they are unable to finance what they need at a larger institution. 

Smaller, local banks and credit unions are able to understand local markets and react to the financial crises occuring in places like Florida and Nevada. Larger banks tend to treat all communities the same and do not offer reasonable lending options in states experiencing financial troubles. 

Earn an Extra .5% With High Yield Savings

Last Saturday, while I was depositing my paycheck at my local TFCU branch, I decided to open a High Yield Savings account.  I'm now earning an extra .5% annual percentage yield (APY) on my savings and it only took five minutes!

If you have a minimum of $2,500, you too can open a High Yield Savings account at TFCU and start earning .75% APY on your savings, instead of .25% with a traditional savings account. The best thing about a HYS account is that the dividends are paid monthly, not quarterly. With High Yield Savings you not only earn more, but you get your dividends faster than ever before!

If you are interested in opening a High Yield Savings account at Tropical Financial Credit Union, take a look at their High Yield Savings rates and mention that you would like to open a HYS account the next time you are at a branch. If you already have an account with TFCU all you need is a signature to open a HYS account and you'll be on your way to earning an extra .5%!

Obama Tightens Restrictions on Bank Bailouts

Obama is offering a fresh approach to the all-familiar bank bailouts. He aims to tighten the oversight of banks and make sure any aid given is not used frivolously. 

Obama noted that many banks, after recieving billions of dollars from the government, immediately renovated offices instead of putting the money toward providing consumers and companies with credit. 

Congress has cleared the Obama administration to tap into the second wave of $350 billion dollars in an effort to stabilize the financial industry. It is clear that the first $350 billion was ineffective and spent unnecessarily. Hopefully, with adequate oversight and restrictions, this second wave will be enough to stimulate the industry and get banks lending again.

Free yourself from your banking fears, borrow from Tropical Financial Credit Union. We offer lower rates than major banking institutions and we are still lending!

10 Things We're Still Buying

We might be in a recession but that doesn't mean we have stopped spending. 

Here are 10 things we, as Americans, are still buying:

1. Smart Phones - Smart phone sales went up 53% over last year. iPhones, Blackberrys and G1 phones are still flying off the shelves.
2. Video Games - Madden NFL 2009 and Wii Fit alone sold 5 million copies last year. Guitar Hero and Rock Band were other popular video games of 2008. 
3. Gym Memberships - Just because you were let go from your job doesn't mean you are going to let your appearance go! Gym memberships are expected to rise 4% in the coming year as more people have more time to exercise.
4. Personal Care Items - Paired with the increase in gym memberships, it seems people are really starting to care about their appearance! There was an average 15% increase in the sales of shaving cream, toothpaste, perfume and skin care over the last year.
5. Toy Building Blocks - LEGO and other building block sales increased 30% in 2008.
6. Car Maintenance - Car sales may be down but we're taking good care of the cars we have! Over the last year there were double digit increases in the sales of wiper blades, spark plugs, ceramic brake pads and fuel system cleaners.
7. Casual Dress Shoes - Shoes that can be worn both to work and on the weekends saved the shoe industry last year. The casual dress shoe created versatility like never before and provided a one-solution approach to footwear.
8. Restaurants - While four and five star restaurants are suffering due to the recession, fast food sales are on the rise. It is estimated that Americans will spend $566 billion at convenient, cheap eateries in 2009.
9. Movie Tickets - Ticket prices may be above $10 in some areas, but going to the movies is still one of the most affordable methods of entertainment.
10. Netbooks - These mini-laptops cost just $300 and offer the same internet access and word processing software as more expensive computers. Netbooks are the affordable, more portable alternative to laptops and they're catching on. 

Credit Unions See Spike In Deposits

As many individuals continue to hear about banks closing, merging or looking for Federal help, Tropical Financial Credit Union is seeing an increase in savings accounts and certificate of deposits increase. These financial institutions are strong and will continue to offer great programs. The loss of confidence in traditional banks will continue to spark interest in credit unions and the many programs they have to offer.