Credit Unions Weather Financial Rainstorms

Credit Unions like Tropical Financial Credit Union (TFCU) have you covered.

No matter what the financial rainstorm brings, credit unions will always have your back because they are non-profit and member owned. That's the credit union difference.

If you're sick of banks selling you out and not putting your best interests first, it's time to join a credit union!

Bank vs. Credit Union Novella Parody

Check out this hilarious novella parody which explains the difference between banks and credit unions:

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.

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.

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. 

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.

Credit Union Lending Rises as Bank Lending Freezes

More people are turning to credit unions for their lending needs as banks reject mortgages and loans.

Major banks are experiencing a general lending freeze, virtually eliminating the possibility for a mortgage or auto loan. Thankfully, your local credit union may be able to fulfill your lending needs - and for a lot less!

Because credit unions are smaller institutions with fewer members, they are able to evaluate loans on a case-by-case basis and decide if a member is eligible for a loan.

If your home was recently foreclosed or you have less than perfect credit, a loan from a credit union, like Tropical Financial, is a great option. TFCU will work with you to get the perfect mortgage or auto loan.

Loss of Confidence in Banks Spikes Credit Union Deposits

Today, more than ever, people want to know that their money is safe. 

The recent loss of confidence in commercial banking has resulted in an increase in Credit Union members. 

People all over America are closing their bank accounts and joining credit unions. 

A recent survey by the Credit Union National Association (CUNA) found that 1/4 of credit unions have experienced above-average growth in deposits over the last six weeks.

Come Join Us at a Coffee Talk Near You!

Throughout the month of October, TFCU will be hosting morning networking events at local branches. These "Coffee Talks" will showcase financial services offered to both individuals and businesses - and provide a welcoming environment to meet the local business owners in your area.

Come enjoy some coffee and breakfast, meet your TFCU branch staff, and network with other business people in your area. All compliments of Tropical Financial Credit Union.