28. Credit unions: credit cards, share term certificates (certificates of deposit).

A certificate of deposit (CD) is a time deposit, a financial product commonly sold in the United States by banks, thrift institutions, and credit unions.

CDs are similar to savings accounts in that they are insured and thus virtually risk free. In the USA, by the National Credit Union Administration (NCUA) for credit unions. They are different from savings accounts in that the CD has a specific, fixed term (often monthly, three months, six months, or one to five years) and, usually, a fixed interest rate. It is intended that the CD be held untilmaturity, at which time the money may be withdrawn together with the accrued interest.

Share Certificate of Deposit – A share Certificate of Deposit (CD) is a simple way to put some money aside. How long you have your certificate determines how much interest you’ll make. Specific terms and rates apply to each certificate of deposit. Early withdrawals carry a penalty of a specific amount times of times interest accrued regardless of whether the interest has accrued or not. Interest is accrued monthly or quarterly and deposited on a monthly or quarterly basis. In some instances, loyalty bonuses may apply based on the relationship you have with the credit union.

Features:

• Interest bearing-depending on terms and balances as required

• Minimum balances apply to specific terms and rates

• Money cannot be removed from the account until maturity

• Funds are only accessible through in-person withdrawals

• Account information available through Members Only On the Net (MOON)

• Insured by the NCUA (based on NCUA guidelines)

Benefits:

• Reliable savings vehicle that can be used to accrue higher rates of interest

• Money is safely stored away for a set period of time

In an environment of rising bank card fees and rates, credit cards from a credit union can make a better choice than a bank-issued card. Credit unions are nonprofit financial cooperatives owned by their members, and usually offer more reasonable rates and fees on their credit cards than banks.

Credit unions are member-owned, nonprofit organizations that have a stated goal of providing services for their membership, as opposed to banks, which are in business to turn a profit and must answer to stockholders. The largest credit unions advertised lower annual percentage rates than the largest banks. The study of credit union credit cards, conducted as part of the nonprofit group's Safe Credit Cards Project, compared banks' and credit unions' cards across a broad range of terms, including over-limit, cash advance and late payment fees. In each case, the credit union cards terms were more consumer-friendly. Overall, penalty fees were slightly more common among credit union cards than among bank cards, but credit unions charged significantly lower fee amounts

29. Credit unions: online banking.

Online banking is an electronic payment system that enables customers of a financial institution to conduct financial transactions on a website operated by the institution, such as a retail bank, virtual bank, credit union or building society. Both Online and Mobile Banking will save you valuable time and make it easier for you to keep track of your financial activities.Whether you want to view your checking account or savings account, transfer funds to your money market account or even pay your personal loans, you can do it all in the comfort of your home or on the go with your mobile device. Stanford Federal Credit Union was the first financial institution to offer online internet banking services to all of its members in October 1994. What you can do with on-line banking: Online Bill Pay; View account transactions and loan information; Online Transfers (You can move your money between your own accounts or to other members.); Make loan payments; Manage Small Business Accounts; Manage Accounts (You can easily rename your accounts or open new ones without having to come into a branch.); Cheques (stopping, ordering, or viewing your cheque images).