Hoopty Made Possible By Your Credit Union

We all know banks and credit unions make both used and new car loans. But hey, some of us feel quite differently about our trusty transporters. Now, Carolina Postal Credit Union in Charlotte, N.C., is singing my siren song. They offer:

Great loans for ugly cars.

As part of the campaign, the credit union is giving away bumper stickers which proudly proclaim, "i love my hoopty."

They've even started a blog, where members can submit photos of their joyous jalopies. Are we supposed to have this much fun at a financial institution?

Click here for ilovemyhoopty.

Credit Unions Have a Different Atmosphere

Credit unions, by offering lower service fees and better interest rates than banks, have carved out a niche for themselves in the financial services industry, according to a Nov. 26 article in a Delaware Business Journal.

While some credit unions may not have as expansive branch networks as banks, credit unions have an advantage in offering smaller, more consumer friendly options, the article said.

"It's a different atmosphere," said Patrick Mahaney, president/CEO of the Delaware Credit Union League, referring to the facts that unlike banks, credit unions are non-profits, have no shareholders, and have boards of directors composed of unpaid volunteers from the credit unions' membership.

Today Show: Credit Unions Best for Small Savers

Financial editor Jean Chatzky, on the Oct. 22 Today Show and in her MSNBC.com column, says credit unions are the best place to go if a consumer is a small saver or a car-loan borrower.

Chatzky, who is an editor-at-large for Money magazine, analyzes the "best banks for your buck." She says:

Credit unions are like not-for-profit banks. They have an even smaller, more individual presence than small banks. Some have a system of branches, some do not. But they're known for charging lower fees and offering higher rates of interest than banks. The catch is that you have to be a member to get a good deal.

Read--and watch--the segment online. Click here.

Smart money is in credit unions, says consumer writer

Hey Smarty...Kelli B. Grant in the lastest edition of SmartMoney says "credit unions offer a smart banking option." In her "Deal of the Day," she say:

Credit unions aren't just for a niche group of steel workers or teachers anymore. In fact, these nonprofit, member-run financial institutions are more accessible than ever before — and they can be a much better place to stash your cash than traditional banks.

Click here for the complete SmartMoney story.

CNN: CU Deposit Insurance 'As Good or Better'

CNNMoney's Answer Guy fields a question about why credit unions are ommitted in his lineup of great CD rates. The query wonders if it has to do with deposit insurance.

On they contrary says Answer Guy...it's because of credit unions' exclusive membership requirements--not everyone can access the rates. He also adds:

In any case, insurance on credit union CDs and other deposits is as good as or better than what you'd get through the FDIC. And credit unions often beat your neighborhood bank on the rates they pay on deposits (or charge for loans).