Up and Coming Weekly is a weekly publication in Fayetteville, NC and Fort Bragg, NC area offering local news, views, arts, entertainment and community event and business information.
Issue link: http://www.epageflip.net/i/288180
APRIL 2-8, 2014 UCW 15 WWW.UPANDCOMINGWEEKLY.COM Comparatively, not many people are familiar with the benefits and services provided by a hometown credit union like Bragg Mutual Federal Credit Union, which has served the Fayetteville and Cumberland County communities for 62 years. Many feel that traditional financial institutions just don't provide good customer service anymore and have lost all incentives to provide better and less expensive services. No doubt, the banking industry is changing and many feel not for the better. Although some banks have begun to adapt, change has been at a snail's pace. This has provided other financial institutions, like credit unions, opportunities to step up and provide consumers the customer and financial services they need and want. Exemplifying this business model is Bragg Mutual Federal Credit Union with locations on Village Drive, in downtown Fayetteville and Spring Lake. Membership into credit unions is no longer an exclusive privilege and now membership is open to most residents of Fayetteville and Cumberland County. This is a good thing because members are entitled to higher savings rates, lower interest rates on loans and easier access to the financial services traditionally provided by huge and impersonal banking institutions. Of course, all banking options have benefits and drawbacks. Here are a few things you may want to consider when investigating joining a credit union. You are the owner The management team of any company must answer to its owners. Banking institutions are mostly publicly-traded and shareholders care about one thing: making money. In these companies, policy, procedures and decisions tend to serve the shareholder rather than the ultimate customer. With credit unions such as Bragg Mutual, owners and customers are one and the same. Credit unions are nonprofit Nonprofit status means that more of the profits are shared with the owners/customers. That doesn't mean that the institutions can't earn a profit. Any business needs to earn money to survive. The difference is that there isn't pressure to find ways to make money off the customers. Additionally, credit unions benefit from exemption from federal tax and that saved expense allows more of the credit unions' revenue to be put to work. There are fewer fees and higher savings rates Credit unions typically offer free accounts with low or no minimum balance requirements. Standard fees most banks charge are generally absent from credit unions. Interest rates on savings, certificates of deposit, and some checking accounts often significantly exceed those offered by banks. In the same respect, interest rates charged for loans and credit are often lower. Disadvantages are few Though credit unions are not as prolific as banks, locally, most are well positioned throughout the county for easy accessibility. With an emphasis on "local" they are heavily involved with the local business and residential community. Large national banks allow you to travel almost anywhere in the country and internationally and find ATMs that may help you avoid fees. Credit unions are mostly community-based with fewer ATM locations. However, they have a large network of compatible ATMs that charge no service fees or if that ATM's owner does charge a fee for its use, the credit union will refund that fee on your statement. Credit Unions are also issuing low interest rate credit cards like Bragg Mutual's Discover Card. The real strength of credit unions is that they are local and mostly focused on a certain community, a geographic location or profession. Many credit unions have memberships that are broad and community-based, making it easy to find one most appealing to you. Bragg Mutual Federal Credit Union is open to all Fayetteville and Cumberland County residents. A new account and membership requires only a $20 investment. Credit unions often offer a full line of financial products, such as credit cards, mortgages, debit cards, business loans and checking accounts. In addition, all deposits at credit unions are insured. The FDIC is the government organization that ensures bank balances are protected and safe even if the institution fails. Credit Union balances are protected by the NCUA/NCUSIF (National Credit Union Association/National Credit Union Share Insurance Fund), another government entity, for the same amounts. Always check to make sure your credit union of choice is legitimate by verifying coverage through the NCUA website. Unlike banks, their non-profit status means that they do not have large marketing, advertising and promotional budgets making it more difficult for the general public to get all the information needed to make an informed choice between banks and credit union services. This is one of the main reasons local credit unions like Bragg Mutual spend a lot of time participating in, supporting and investing in local businesses, organizations and venues focused on and in their communities. A special thanks to John Jones, AVP Administration, of Bragg Mutual Federal Credit Union for contributing to this article. Bragg Mutual has more than 11,000 members. For more information call 910 488 3515 or www.braggmutualfcu.com. Why Credit Unions? by BILL BOWMAN DON'T MISS THESE UPCOMING GPAC SHOWS! For ticket info, 910.521.6361 www.uncp.edu/gpac 2013-14 Season Performing Arts Center the groundbreaking BROADWAY musical "THE FIRST GREAT MUSICAL OF THE 21ST CENTURY!" –Toronto Star APRIL 15, 8 p.m. SATURDAY, APRIL 26, 6 P.M Experience a night of traditional and contemporary American Indian acts. Performers include ground breaking women's group, Ulali, Grammy Award winner Star Nayea, X-Factor contestant, Tyler Cole, & Shane Baker with special guests. Ulali Project Viewer discretion advised: Contains adult language and situations. IN THE MORNING Weekdays 5:30AM to 10:00AM BILL BOWMAN, Publisher, Up & Coming Weekly. COMMENTS? Bill@ upandcomingweekly.com. 910.484.6200.