What can you do to improve your daily decisions involving your money? We live in a world filled with many choices, but many are discouraged from exploring because let’s face it, the information is scattered and sometimes difficult to understand. And if you follow the media and look at recent statistics, your conclusions may lead to frustration. Case in point: did you know that a consumer could be charged an average of 49 different fees while using their checking account? Ouch! Needless to say, we think a bit different.
Whether you’re considering making a switch or just looking to explore your financial options, we want to do our part to help. We’ve summarized some basic information about our services and included a few fun facts about the financial world. We hope you enjoy it, but most importantly, we hope you allow us to address additional questions we may have overlooked. Read on and don’t hesitate to inspire a future blog post.
1. Free Checking Accounts – they still exist and we have them
“An annual checking study conducted by Bankrate shows that just 45% of basic checking accounts are free of any monthly maintenance charges, down from 65% in 2010. That number peaked at 76% two years ago.” [source]
Now consider the most recent findings:
“About 30 percent of U.S. consumers said they’d leave their banks over fees for using their debit cards, according to a survey by the Research Intelligence Group.” [source]
Well fortunately for consumers, there are alternatives – credit unions. For this reason, free checking accounts still exist, especially with us. Our checking accounts are open to all longshoremen and their immediate family members. These accounts also come with iProtect, identity theft protection for $1.50 a month. The service covers all types of identity theft, even if it’s not related to your ILWUCU accounts. You can opt out of this service at any time.
Below is a basic visual of our Checking Account.
*Account includes iProtect, an added feature that protect members in case of identity theft. This feature is $1.50 and you have the option of opting out at any time. In regards to ATM transactions fees for ATM cards only (not debit cards), the first 10 ATM transactions are free. Subsequent fee is $0.75 per transaction.
2. Savings Accounts – a wonderful thing of the past
Did you know that the history of savings (and checking) accounts date back to the 1500s? Back then individuals paid “cashiers” a small fee to keep their money secure. Some things in history should not be repeated. We’re fee-free and only require $5 to open a Savings Account. The small amount guarantees you a share in the ILWU Credit Union and is also considered an initial deposit, so if you ever close your account the $5 is returned to you.
3. All you need is $6.00
Open an account with only $6. A $5 initial deposit for your Savings Account (as mentioned above) and a one-time membership fee of $1 – that is all we require. Remember we are also insured so your money is safe.
4. Debit Card Fees – we don’t have any
Your ILWUCU debit card allows you to make purchases and ATM transactions without any debit card or usage fees. You can also use your debit card within the CO-OP ATM network, which gives you access to 28,000 ATMs nationwide. Another bonus is that you don’t get penalized for using out-of-network ATMs. You will incur charges by the other financial institution (i.e. a bank will charge you for using the ILWUCU debit card at their ATM machine) but we don’t charge for this added feature.
5. Most people love technology, including us
It is estimated that 44 million households have used the Internet to pay a bill in the past 30 days. That number will reach 55 million by 2016. We’re not surprised by these statistics and that’s why we focus on member services and their online experience. And if there’s something you don’t like or that we can improve, we want to hear about it.
With our online banking, you can also access your accounts 24 hours a day, 7 days a week from any computer or smartphone. The service is free and gives you the ability to:
Check accounts and loan balances
Verify deposits, withdrawals and cleared checks
Make loan payments
Transfer funds between accounts
Access Bill Pay
6. Dividends (in other words, Interest)
Our checking and savings accounts pay dividends (or interest). Below is the breakdown. Feel free to click on any of the accounts to obtain more information.
Checking Accounts – dividends stand at 0.15%
Safe Harbor Accounts – dividends are paid once you reach a balance of $1000
Money Market Accounts – dividends are paid once you reach a balance of $2500
Christmas Club Accounts – dividends are paid once you reach a balance of $250
What other terms or bits of information need better clarification for you? Share your thoughts via a comment below.