All across America Credit Unions are dealing with a huge glut of repossessed automobiles. In the United States, Federal credit unions are chartered by and overseen by the National Credit Union Administration (NCUA), which also provides deposit insurance similar to the manner in which the Federal Deposit Insurance Corporation (FDIC) provides deposit insurance to banks.
State-Chartered credit unions are overseen by the state’s financial regulation agency and may, but are not required to, obtain deposit insurance. If used wisely, one can use the credit card 0% interest loan to pay off higher interest rate debt. Paying on Time – On time payment is the best way to avoid late fees and penalty interest, and at the same time, boost credit score.
A good credit rating also helps in many other situations, such as, obtaining a loan with a low-interest rate. Regardless of account size in the credit union, each member may run for the volunteer board of directors and cast a vote in elections. As the credit card issuers provide detailed monthly statements on purchases, they allow you to keep track of your spending with ease.
Your savings are federally insured to at least $250,000 by the National Credit Union Administration and backed by the full faith and credit of the United States Government. Our partnership goes beyond a financial commitment, with our volunteers also representing Scott Credit Union at American Cancer Society events.