Long Island Community Federal Credit Union - Bank Tranfer Day!

Oct. 28, 2011 - PRLog -- Miller Place, NY – With thousands of consumers pledging to move their money to a credit union by Nov 5 as part of “Bank Transfer Day”, Long Island Community Federal Credit Union of Miller Place, NY reports it is ready to accept new members now.

“Everyday is a good day to join a credit union” said Corinne Seib, Branch Manager of Long Island Community Federal Credit Union.  Now is the time to become one of more then 92 million Americans nationwide who are already enjoying the advantages of the credit union membership.

Consumers that do make the switch will find that on just about any given day, on average, credit unions offer higher return on most savings, lower rates on most loans, and lower (or no) fees than other financial institutions charge. (See the national daily rate comparison at http://creditunion.coop/ratedex.php)

In face, the Credit Union National Association (CUNA) estimates that, over the last year (12 months ending June 2011) the average credit union member saved $69 (and $132 per household) just by doing business at a credit union.  And that’s on average; the more a consumer does with a credit union, the more the consumer saves.

For example: Financing a $25,000 new car for 60 months at a credit union would save a credit union member and average of $174 each year in interest expense compared to what that member would pay at a bank.  That’s about $1000 in savings over five years.

“Credit unions are unique among financial institutions,” Seib said. “Banks and other financial institutions exist to maximize profits to their shareholders; credit unions exist solely to maximize service to their members.”