Hauppauge, N.Y., November 9, 2011 - Teachers Federal Credit Union (TFCU), one of the country's largest credit unions with more than 219,000 members and over $4 billion in total assets, reports a significant rise in new accounts opened during the past two months. Strong numbers were reported during the days leading up to Bank Transfer Day, which was held on November 5. Compared to September and October in 2010, new TFCU checking accounts increased by 21 percent for the month of September and a remarkable 36 percent for the month of October. Total loans for the month of October in 2011 compared with October 2010 showed a significant 9.69 percent increase. The credit union saw 2,216 new accounts opened in October and 534 new accounts opened in just the first five days of November. Today one in five households in Suffolk County, New York has at least one TFCU member.
"Increasing fees, poor customer service and slow loan processing are among the many reasons why individuals from across Long Island and the nation are moving their money to not-for-profit, member-focused credit unions like Teachers Federal Credit Union. We have seen higher than normal numbers of new accounts opened in the past month and expect this trend to continue. It is clear that people are looking to save wherever they can and credit unions offer a solution," said Robert G. Allen, TFCU President and CEO.
Membership in Teachers Federal Credit Union is open to virtually all Long Islanders and offers all the financial products and services needed, including free checking accounts, free online banking and bill 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.
It's never too late to switch to TFCU and take advantage of the cost savings and many benefits membership offers. To change, go to the credit union's website and click on the "switch kit." The switching process is easy to follow. Individuals can also visit any one of TFCU's 22 full service branch locations.
For more information about Teachers Federal Credit Union or to find out how to switch today, call (631) 698-7000, ext.6780 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 219,000 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.
Bill Corbett, Jr.
(516) 775-0435 ext. 1 firstname.lastname@example.org
Rosemary A. Nicholls
Senior Vice President, Marketing/R&D;
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