What is a Credit Union?

A credit union is a financial institution that works differently from a bank.

Individuals join as members of a credit union because of a region they live in or company they work for. Credit unions typically offer the same services as banks, including deposits, loans and mortgages at lower rates.

The reason credit unions can offer lower rates than banks is because they are not for profit organizations. This means that credit unions do not have to pay taxes and can offer fewer fees and lower rates to members.

Being a member of a credit union also has the advantage of owning a portion of the company, and receiving a portion of the profits. Members are also able to vote on important matters in the credit union, including the Board of Directors.

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.

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.

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.

How mortgages work

There are as many types of mortgages to choose from as there are types of houses to buy. In this article from Bankrate.com, you'll learn how to choose the mortgage that is right for you -- and what kind of lender to get it from.

There's a lot to learn, since there are all kinds of ways to finance your home. The article covers fixed-rate and adjustable-rate mortgages, as well as subprime mortgages for those who have credit problems. It also explains the less-well-known kinds -- jumbo, balloon and others. Finally, it discusses the different types of lends and tells you which ones are the best choices in different financial situations.

Read the entire article here.