Sections SEARCH Skip to content Skip to site index Business Day Subscribe Log In Subscribe Log In Today’s Paper Advertisement Supported by ByNoam Scheiber Oct. 11, 2018 Working as a dishwasher at the Philadelphia Marriott Downtown, Amos Troyah made about $30,000 in a recent 12-month period. Roughly $2,000 of it was spent on an especially frequent expense: fees on his checking and savings accounts at the Marriott Employees’ Federal Credit Union. The fees came in increments like $6 and $10 — minimum-balance fees, excess-transaction fees, automatic money-transfer fees. On occasion, they were joined by that pooh-bah of personal finance charges, the overdraft fee, at a hefty $35. Thousands of Marriott workers around the country are on strike, complaining that stagnant wages and unsteady hours have made it difficult to stay afloat. At a time when they are under particular pressure, the credit union may be adding to … [Read more...] about Credit Unions, Long a Haven, May Add to Workers’ Financial Woes
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Share Tweet Share Email Comments Print ADVERTISEMENT One bank and one credit union in northwest Ohio saw their financial ratings improve in the second quarter of 2018, while another bank and a credit union saw their ratings downgraded, a new report by a Florida financial data firm shows. Meanwhile, a southeast Michigan credit union saw its rating improve. BauerFinancial Inc., an independent research firm based in Coral Gables, assesses the stability and strength of financial institutions nationwide and gives each of them a rating from zero to five stars. Zero is the lowest while a "superior" five-star rating is the highest. In the second-quarter ratings period ending June 30, BauerFinancial boosted Local 50 Plumbers & Steamfitters Federal Credit Union, located in Northwood, to five stars from a previous four-star “excellent” rating. Likewise, a Seneca County bank, Sutton Bank, of Attica, also was raised to five stars from a previous four. On the … [Read more...] about Area bank, credit union see BauerFinancial ratings improve
Susan Tompor Detroit Free Press Published 7:04 p.m. UTC Jul 31, 2018 Detroit-based Greater Christ Baptist Church Credit Union was closed Tuesday because of unsound practices. The National Credit Union Administration will reach out to individuals holding accounts at the credit union. Insured deposits are protected. The credit union, which opened in 1957, has 396 members. It has $608,000 in assets and $470,500 in deposits as of its last quarterly filing. Deposits at federally insured credit unions are insured up to at least $250,000 per individual depositor. Greater Christ Baptist Church Credit Union served members of Greater Christ Baptist Church in Detroit, employees of the credit union, and related parties. More: Will your 401(k) feel the squeeze of higher tariffs? More: How to get a credit card when you've never had one Patrick McPharlin, director of the Michigan Department of Insurance and Financial Services, sought a petition in Ingham County Circuit Court … [Read more...] about Detroit-based credit union closed by regulators
Christopher A. Hopkins Photo by Contributed Photo /Times Free Press. Nearly half of all Americans with an account at a financial institution hold that account at a credit union. Many who don't (and some who do) are not entirely clear on how credit unions differ from banks. Here is a quick primer. The history of banking traces back 4,000 years to Mesopotamia. The 18th century BCE Code of Hammurabi contains the first recorded regulations on money lending. Over time, local temples became depositories for gold, and priests began making loans from the temple treasury. So began what is essentially modern banking. By the 4th century BCE, privately-held banks proliferated in Greece, taking deposits and making loans, but also verifying purity of coins and exchanging foreign money. Since that time, banking has been a for-profit enterprise, expressly committed to maximizing returns to shareholders, just like any major corporation or mom-and-pop store. By the early 20th century, small and … [Read more...] about Personal Finance: What is the difference between a bank and a credit union?
The former president of Bragg Mutual Federal Credit Union sued the credit union and its board chairman, Republican state Rep. John Szoka of Cumberland County, this month on allegations she was wrongfully and illegally fired due to her age and to punish her for being a whistleblower.Szoka, on behalf of the credit union and its board, said Thursday there were valid reasons to fire the president and the case is without merit. He declined to go into detail. The credit union has several weeks to file its formal response to the complaint.The former president is Betty Eileen Donovan. She was Bragg Mutual's president and chief executive officer until she was fired in February. In her complaint, Donovan says she worked at Bragg Mutual for more than 30 years and the board appointed her to the president and CEO job in November 2015.Now Donovan is seeking damages from the credit union in federal court.The suit alleges Bragg Mutual’s board failed to maintain all the corporate records that are … [Read more...] about Fired CEO sues Bragg Mutual credit union and Rep. John Szoka