Financial News Story of the Day – 650,000 Former Bank Customers Jump Ship to Credit Unions
The Credit Union National Association (CUNA), a credit union advocacy group, estimates that over 650,000 bank customers switched to credit unions. The most startling surprise – they took $4.5 billion worth of savings with them. Part of the Bank Transfer Day movement, big banks may actually start to take notice (source: CUNA.org).
Excerpt: “Based on the responses of a nationwide survey of 5,000 credit unions, CUNA estimates that at least 650,000 consumers across the nation have joined credit unions since Sept. 29 (the day Bank of America unveiled its now-rescinded $5 monthly debit card fee). Also during that time, CUNA estimates that credit unions have added $4.5 billion in new savings accounts, likely from the new members and existing members shifting their funds.”
Personal Finance Tip of the Day – College or Retirement?
I read a great post today on SavingtoInvest.com on whether you should be focused on saving for a college or a retirement fund. The sad part to me is that you have to now choose between one or the other thanks to skyrocketing tuition costs. My feeling is that the student education system is a debt bubble waiting to pop, so you’re better off saving for retirement (source: SavingtoInvest.com).
Excerpt: “As noted in a PBS article published a few years ago, retiring now is radically different than it was for your parents. There are various factors that have affected the astronomically growing cost of retirement, the most fundamental of which is that more and more people are simply living years, even decades, longer than the generation before them. Add to the mix rising costs of long-term health care, Social Security benefits decreasing, as well as the fact that less employers offer retiree health care, and retirement becomes a more ominous question mark than ever before.”
Daily Finance Summary – Europe Debt Drama Continues
U.S. stock markets benefited from continued European debt drama today. Greece is looking at setting up an interim government while Italy is mulling over whether it wants to continue the Euro charade, no doubt leaving Germany and France worried. The world global outlook deteriorates a little more each time EU leaders meet without resolution or an agreeable plan.