Rates Current as of Thursday February 09, 2012

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Who can become a member of a Credit Union?

Credit unions have to restrict membership in order to receive the preferential tax treatment of a non-profit entity. Interpretation of the laws governing the tax status has swung from being fairly restrictive in the descriptions of what constitutes a member to becoming all encompassing resulting in nearly everyone being eligible for membership through some connection. Officially, anyone can join a credit union based on the specific credit unions definition of an eligible member. Membership restrictions that credit unions impose are broadly defined to cover anyone who shares a common bond of employer, educational institution, branch of the military or government, church or community.

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Banking & CD FAQs

Who sets the interest rates on savings accounts?

A national bank is a private business. Generally, it sets its own interest rates on savings accounts. If you feel that your bank does not pay an adequate interest rate, shop around—and purchase your financial services accordingly.

Do all banks hold reserves, and, if so, where do they hold them?

All depository institutions, commercial banks, savings institutions, credit unions, and foreign banking entities, are required to hold reserves against certain types of deposits that they report as liabilities on their balance sheets.

My checking account has unauthorized monthly charges/withdrawals from a merchant. The charges started eight months ago, but I just noticed them. The bank won’t reverse the charges. How can I stop this?

First, contact the merchant in writing. Ask them to cancel both the service and the charges to your checking account. Send a copy of this letter to your bank. You should also notify the bank that these charges are no longer authorized. The bank may require you to complete an affidavit.

My bank is charging high maintenance fees on my checking account. Is this legal?

Yes. Federal law allows banks to charge non-interest charges and fees, including deposit account service charges. All fees should be determined on a competitive basis within the market. Each bank should make the decision on the type, amount, and method of calculation based on sound banking judgment and safe and sound banking

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