Blog

Credit Unions vs Big Banks

Often times, credit unions grow up around a community, or a place of business, and the PSE credit union is no exception.  The PSE Credit Union has been around since 1955, and originally started as the “Parma City Employees” Credit Union, and now, anyone can become a member.

Many people understand the difference between credit unions and “big banks”, but what is it specifically that sets them apart?

At the PSE Credit Union, it’s that they are a not-for-profit business, as opposed to the big banks, which are for profit. Instead of having to appease their shareholders, their goal is to serve their members. In their eyes, what’s best for a bank’s shareholders isn’t always best for the customers – as a credit union, what’s best for their customers their primary goal.

This can often translate to better service and member satisfaction. For example, according to the most recent annual American Customer Satisfaction Index, credit unions scored an average of 86% for customer satisfaction, while the average bank score 76%.

Credit Unions are also generally able to offer better interest rates – meaning lower interest rates on loans, and higher interest rates on savings. This is because credit unions typically have less overhead than most banks, and don’t have to make a profit to pay shareholders.

It’s important for people to be able to trust their financial institutions in these uncertain times. At a bank, savings and other accounts are insured up to $250,000 through the Federal Deposit Insurance Corporation. The national credit union administration offers the same protection of $250,000 to those with credit union accounts, so you can trust that if anything should happen, your hard-earned money is insured.

Often times, credit unions can offer many of the same products that larger banks offer – but with better terms. The PSE Credit Union offers checking and savings account, a new or refinanced mortgage, home equity and auto loans, and even credit cards. Chances are that they can help you with most of your financial needs. 

The PSE Credit Union has three convenient locations in Parma, Strongsville, and Medina, and the staff at any one of those locations will be happy to help answer any questions you may have, and take the time to make sure you feel welcome. Or, if you prefer to learn more online, you can find them at www.psecreditunion.org.

Most Recent

Strategies to Help Maximize Income and Minimize Taxes

By Lineweaver Financial Group
May 21, 2020 Category: General

Were all going through a situation with no precedent right now, and it can feel challenging to take any action. But, we believe that there are some important tax strategies that can help you navigate during these challenging times that may not only help you weather the current storm but set you up for success down the road. One strategy we recommend for our clients is tax-loss harvesting, which involves selling an investment that has lost value, replacing it with similar investment, and then using the investment sold at a loss to offset any realized gains. This can help investors minimize any taxes they may owe on capital gains or their regular income. It can also improve overall investment returns. This strategy, however, can only be applied to taxable investment accounts, including retirement accounts like IRAs and401(k). Another strategy can be a Roth conversion. Converting retirement savings from pre-tax to Roth accounts has become less expensive for many investors because of the

Economic Commentary 2020Q2

By Lineweaver Financial Group
April 07, 2020 Category: Economic Commentary

The COVID-19 virus has made a brief global recession likely. While the duration of the virus pandemic is unpredictable, policy stimulus, pent-up demand and a lack of major imbalances argue for a solid upswing when the virus threat clears. The containment measures being taken across the globe to combat the virus will have a large economic impact. Global gross domestic product (GDP) growth will probably be negative in the first quarter and will enter the second quarter at risk of contracting further. Provided the virus is transitoryperhaps contained in the second quarterthe global economy should be poised to rebound in the second half of 2020. The combination of monetary and fiscal stimulus on top of last years global central-bank easing, in addition to the reduction in China-U.S. trade tensions, argues for a solid recovery when the virus threat recedes. In the U.S., the governments virus containment measures mean a technical recessionnegative GDP growth in Q1 and Q2seems likely.

HealthWatch: Health and Nutrition Tips

By Lineweaver Financial Group
April 07, 2020 Category: General, Health, Nutrition

With the media being such a large part of society, its hard to know when information is accurate orwhen its a fabrication. This is extremely common in the world of health, and we often receive conflicting information about the best way to maintain a healthy lifestyle. Below are just a few health and nutrition tips backed by science for these difficult times. 1. Avoid sugary beverages Its often convenient to grab a sugary drink when we are in a rush, or even when we are out to dinner. But consuming these drinks can have consequences, such as type 2 diabetes and heart disease. Its best to drink something that is low in sugar. 2. Dont fear coffee While too much of anything is never a good thing, coffee is actually high in antioxidants and can help reduce the risk of Parkinsons and Alzheimers diseases. 3. Get enough sleep Sleep is extremely important for our mind and body in order to function properly. When our bodies dont get enough sleep it can drive insulin resistance, disrupt appetite

Categories
Newsletter (27)
General (20)
Economic Commentary (14)
Retirement Planning (14)
Retirement (13)
Letter From The President (13)
Financial Planning (11)
Tax (11)
Healthwatch (10)
Lineweaver (10)
Market Commentary (8)
Taxes (7)
Education Programs (6)
Tax Planning (6)
Q3 (6)
Market (5)
IRA (4)
LFG (4)
Estate Planning (4)
Social Security (4)
Bonds (4)
(3)
Tax Law (3)
Diversification (3)
Market Review (3)
Trump (3)
Finance (3)
Portfolio (3)
2017 (3)
Insurance (3)
Client Spotlight (2)
Health (2)
Investing (2)
Market Update (2)
Financial (2)
Stocks (2)
Rising Interest Rates (2)
Annuity (2)
Annuities (2)
Charity (2)
Tax Scams (2)
2019 (2)
Tax Cuts And Jobs Act (2)
High Income (2)
Social Security Benefits (2)
Coordination (2)
Financial Strategies (2)
Brexit Update (2)
Investments (2)
2016 (2)
Q2 Newsletter (2)
Interest Rates (2)
Vacation From Investments (1)
Market Volatility (1)
Drink Water (1)
Market Outlook (1)
Markets (1)
Cryptocurrency (1)
Financial Goals (1)
Jim Lineweaver (1)
New Years Resolutions (1)
Travel (1)
Healthy (1)
Cooking (1)
Vacation Home (1)
James Lineweaver (1)
Exercising (1)
Q3 Newsletter (1)
Marital Trust (1)
Bloodline Trust (1)
Trusts (1)
Inheritance (1)
Screens (1)
In Laws (1)
Eye Strain (1)
Investment (1)
Summer (1)
2018 (1)
Financial Quarterback (1)
Advice (1)
Quarterly Newsletter (1)
Bitcoin (1)
Statements (1)
Traditional Ira (1)
Tips (1)
POA (1)
Big Banks (1)
Savings (1)
Checking (1)
Banking (1)
Longterm Care (1)
Healthcare (1)
Elder Law (1)
Power Of Attorney (1)
Credit Unions (1)
Charitable (1)
Donations (1)
End Of Year Taxes (1)
Tax Strategies (1)
Black Swan (1)
CARES (1)
CARES Act (1)
Stimulus (1)
Pse (1)
Review (1)
Q1 (1)
Wills (1)
Pro Football Hall Of Fame (1)
Anne Graffice (1)
David Baker (1)
Sring Cleaning Your Finances (1)
Keeping Your Mind Sharp (1)
Q2 2019 (1)
Legal (1)
Chad Roope (1)
Dementia (1)
Roth Ira (1)
Roth Conversion (1)
Bruce Motko (1)
Congress (1)
Sell In May And Go Away (1)
Stock (1)
Buy (1)
Sell (1)
Travel Tips (1)
Kids (1)
New Website (1)
Annuity Alternatives (1)
Q1 2017 Newsletter (1)
Retire (1)
Retire Early (1)
Legacy (1)
Retiring (1)
Self Employed (1)
Business Owners (1)
Life Insurance (1)
2016 Market (1)
Dividend (1)
Bonds Ladder (1)
Policy (1)
Roth (1)
Donor Advised Fund (1)
Private Foundation Charitable Lead Trust (1)
Charitable Remainder Trust (1)
Winter 2017 (1)
1st Quarter (1)
Real Estate (1)
Harvest For Hunger (1)
Retirement Tips (1)
Financial Advice (1)
Financial Advisor (1)
Social Security Planning (1)
Charitable Contributions (1)
Women And Money (1)
Service Day (1)
Gifting (1)
Holiday Gifts (1)
Election (1)
Candidates (1)
Politics (1)
Fall 2016 (1)
Financial Health (1)
Holiday Planning (1)
Stockpile (1)
Growing Your Wealth (1)
REITs (1)
Q2 (1)
Reallocation (1)
Eat More (1)
Market Review 2017 (1)
Letter From The President New Years Resolutions (1)
Transfer Real Estate (1)
Defer Tax (1)
Top Financial Strategies Of The Wealthy (1)
Market Pullback (1)
RMD (1)
Jobs (1)
Distribution (1)
Tariffs (1)
NAFTA (1)
Trading (1)
New Tax Law (1)
529 Plans (1)
Charitable Giving (1)
Lose Weight (1)
Tax Cuts (1)
Risk Management (1)
401(k) (1)
Protection (1)
North Korea (1)
Conflict (1)
Lineweaver Wealth Advisors (1)
Mutual Funds (1)
Expense (1)
Costs (1)
Equifax (1)
Grand Kids (1)
Mark Sipos (1)
2017 Q4 (1)
Fraud (1)
Identity Theft (1)
Third Quarter (1)
Tax Cuts And Job Act (1)
Introducing (1)
Nutrition (1)
+ Show More

Terms and Conditions | Privacy Policy | Disclosures

Lineweaver Financial Group ©
Powered by Virteom Logo Virteom