Hauppauge, N.Y., October 27, 2011 - Teachers Federal Credit Union (TFCU), one of the country's largest credit unions with more than 218,000 members and over $4 billion in total assets, has reported that the number of new checking accounts opened at the credit union soared up 36 percent from September to October. This dramatic jump in activity follows the announcement of significant increases in fees by a number of commercial banks, resulting in a growing movement that suggests that individuals move their money to community-based credit unions. On Bank Transfer Day, November 5th, people across the country are expected to transfer funds or start the process of moving their money from large banks to local community-focused credit unions.
"At Teachers Federal Credit Union, we are constantly educating Long Islanders about the many benefits of banking with a credit union versus large, profit-driven banks. Credit unions are not-for-profit, member-focused financial cooperatives. Because of our structure, we can offer the most competitive mortgage rates, lower fees on credit cards, free checking accounts and debit cards with no monthly fees. Banks charge for these same services because they have to answer to demanding stockholders and find ways to offset their rising operating costs. It is very clear that individuals and business owners are tired of paying the fees they are being charged by banks. The move toward credit unions reflects the public's desire to receive more value and to work with local institutions they can trust," said Robert G. Allen, TFCU President and CEO.
Teachers Federal Credit Union offers virtually all of the financial products and services Long Islanders need. These services include free checking accounts, free online banking and payments, no-fee debit card or check fees, thousands of surcharge-free ATMs, high interest rates on savings accounts and CDs, small business accounts, commercial loans and mortgages.
Individuals who are looking to move to TFCU can simply go to the credit union's website and click on switch kit. The switch process is easy to follow and can be completed in just a few minutes. They can also visit any of TFCU's branch locations.
For more information about Teachers Federal Credit Union or to find out how to switch today, call (631) 698-7000 or visit www.teachersfcu.org.
Teacher's Federal Credit Union (TFCU), one of the country's largest credit unions, is a full-service, not-for-profit financial institution. TFCU was founded on Long Island in 1952 and now has over $4 billion in total assets, serves more than 218,000 members and has 22 full-service branches throughout Suffolk County including: Amityville, Bay Shore, Brookhaven National Laboratory, Central Islip, Commack, East Northport, Entenmann's, Farmingville, Holbrook, Huntington, Nesconset, North Babylon, Oakdale, Port Jefferson Station, Riverhead, Rocky Point, Selden, Shirley, Smithtown, South Setauket, and Stony Brook University (2). Members also have access to services at more than 4,300 shared service centers located across the country. TFCU offers financial services to all people and businesses located in Nassau and Suffolk counties (excluding the townships of Southampton, East Hampton and Shelter Island). More information is available about TFCU by visiting www.teachersfcu.org or by calling (631) 698-7000.
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