USC Credit Union Blog

USC Credit Union Blog

ATM, Overdraft Fees Surge to Record Highs

Posted by Cal on Oct 9, 2014 3:50:00 PM

Fees for using out-of-network ATMs rose 5% over the past year and are up 23% over the past five years, according to Bankrate.com’s 17th annual checking survey. The average cost to consumers going outside their network is now $4.35 per transaction, a new high, and the eighth consecutive record-breaking year.

The average ATM surcharge jumped 7% to $2.77 per transaction, also a record high. The average surcharge has increased for 10 consecutive years. The most common fee is $3. Every institution Bankrate surveyed charges non-customers for usage.

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What About Financial Education in College?

Posted by Cal on Oct 1, 2014 10:12:00 AM

More good news on the financial education front! The Council of Graduate Schools is pushing for universities nationwide to step up when it comes to financial education for students. Fifteen institutions are taking part in a 3-year project to “enhance the financial literacy of graduate and undergraduate students.”

This project is coming just in time. Student loan debt is surpassing $1 trillion, and many students have no idea what they’re getting themselves into.

Sonya Britt, an associate professor of family studies and human services at Kansas State College of Human Ecology, says,

“Most of the students who enter college don’t get financial literacy courses when they’re in high school, so many students aren’t familiar with basic money management skills such as making payments and the awareness of how fast credit card debt accumulates. There’s a lot of need but not a lot of resources for college students.”

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Friendly Credit Unions Are Now 100 Million Members Strong

Posted by Alexa on Sep 8, 2014 1:52:00 PM

There are now 100 million credit union members across the U.S., the Credit Union National Association announced Tuesday. Combined, credit unions have $1.1 trillion in assets. And credit unions are attracting millennials at a rapid pace, which is good news for the future.

But even if they are no longer a tiny corner of the banking universe, credit unions remain small when compared to commercial banks, which hold $14.8 trillion in assets. Despite their rapid growth, credit unions still represent only 7.4 percent of banking assets. To put things in perspective, JP Morgan Chase (JPM) and Bank of America (BAC) have combined assets of $4.5 trillion: two banks have four times the assets of all the nation's credit unions combined.

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3 Ways 20-Somethings Can Get Debt-Free

Posted by Alexa on Sep 1, 2014 10:18:00 AM

Getting debt-free in your 20s can be more than just a dream. It can become your reality if you are willing to work hard, pay your debt obligations as agreed and spend less than you make.

With planning and willpower, following these guidelines can help see you through to your goal.

1. Know Your Budget

Before you can make a plan for paying down debt, get a handle on your monthly budget. How much are you making each month? What are your current monthly expenses? How much are you paying toward your debt obligations each month?

Are there quick ways you can slash your spending? Visit the public library for free Internet access and free books and movies. Stay in and cook more and eat out less. Make your coffee at home.

Apply the money you save to paying down debt.

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What's Your Credit Score?

Posted by Alexa on Jul 8, 2014 10:21:02 AM

A look at how to check your fico credit score and how to avoid certain pitfalls from sites offering free scores. Click “Read More” to watch!

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