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%!