As a not-for-profit financial cooperative, owned and operated for the members, you’re more than an account number – you are part of the Oak Trust family! Since there are no stockholders to pay, we are able to offer higher dividend rates on deposit accounts and charge lower rates on loans. Additionally, we offer a full range of convenient low-cost financial services that fit your lifestyle.
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Whether you are financing your first home or moving to a new home, we offer smart, simple solutions to fit your needs. Choose from a full range of home financing options, including fixed and adjustable rate loans. Special programs are available for first time home buyers and borrowers with imperfect credit.
You can count on Oak Trust for competitive rates, low closing costs and knowledgeable professionals to guide you through the entire loan process.
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By: Kelley Holland
Financial fraudsters have long preyed on the elderly. But with roughly 10,000 Americans turning 65 every day, the elderly population is growing so quickly that instances of financial fraud affecting the elderly are becoming ever more common.
Kathleen Rehl, a certified financial planner and the author of “Moving Forward on your Own: A Financial Guidebook for Widows,” remembers all too well the time a financial fraud hit someone close to her.
She was visiting her elderly aunt, Eileen Richey, who she said lived “a very moderate lifestyle.” On this visit, Richey asked Rehl to look at an investment she had made. Rehl smelled trouble, and when she saw what it was, she realized something was seriously amiss.
“She said, ‘Well, I bought Iraqi dinars,” Rehl recalled. Apparently her friend’s nephew, whom she described as “such a nice young man,” had told Richey and others about this can’t-fail investment opportunity. Richey knew her CDs were yielding very little, so when they matured, she handed over several thousand dollars to buy dinars—”a huge amount for her,” Rehl said.
Not surprisingly, the dinars never materialized. The last time Richey tried to call the nephew, she got no answer, and there was no answering machine.
“She said, ‘I feel so dumb. I trusted him,” Rehl recalled. The icing on the cake: Richey told her the nephew apparently scammed his aunt as well.
Many seniors living on fixed incomes in the current low interest rate environment feel strapped, which makes them more susceptible to deceptive pitches. Add in the many holiday season scams related to charitable giving, and this is a particularly vulnerable time for senior citizens.
“All of these things combine to make the population vulnerable, and then it’s the end of the year. It’s just perfect timing in that way,” said Nora Dowd Eisenhower, assistant director of the Office of Older Americans at the Consumer Financial Protection Bureau.
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At Oak Trust Credit Union, there are varying levels of mobile access to It’s Me 247. The level you choose will depend on the following:
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- The levels of service available from Oak Trust credit union
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By Allison Martin – February 12, 2014
While out and about, you may have passed by the local credit union without looking twice because you don’t have a need for their services. Well, at least that’s what you thought.
Which brings me to the following question: Are you aware of how credit unions operate and what they entail? If so, you may be inclined to open up an account at one closest to you or even make the switch from your bank.
What exactly is a credit union and why is it better?
MyCreditUnion.gov defines credit unions as “not-for-profit organizations that exist to serve their members rather than to maximize corporate profits.” They operate similarly to banks, as they make loans to members and accept deposits.
So, why should I choose the local credit union over big boy banks?
The sole purpose for a credit union’s existence means that it should have your best interests at heart, and not the bottom line of the institution. Big banks, on the other hand, are there to turn a profit and will seemingly do whatever it takes to meet their numbers.
Because they follow a cooperative structure, credit unions are owned and operated by their members. Upon making the initial deposit, you will be granted voting rights along with surplus income returned in the form of dividends because cooperatives are owned and operated by members.
As a member, you may be also able to conduct transactions at other affiliate locations outside of your institution. And some credit unions reimburse their members for ATM fees incurred outside of their machines. This was a major lifesaver when I arrived at college and discovered that one of the local credit unions near campus was partnered with my credit union in my hometown.
Credit unions have lower expenses, so they are able to pass on the savings to their members. For instance, many credit unions offer free checking accounts with no minimum balance constraints, but you will often have to pay a fee at the big boy banks if your funds fall below a certain number or you fail to meet other criteria. You likely will also be assessed a fee for each transaction that is processed using overdraft protection.
4. Loan rates
Every loan I’ve ever gotten has been from the credit union, even after shopping around at the big boy banks. They usually have better rates because they are nonprofit and aren’t looking to make their wallets fatter. According to the the National Credit Union Association, as of Sept. 30, the average interest rate on a 48-month new-car loan was only 2.91 percent at the credit union, but 4.21 percent with major banks.
5. Credit card offers
The NCUA also indicated that the average interest rate for credit cards was 10.99 percent for credit unions and 11.82 for banks. So there isn’t much of a variance in terms of APR, but the plastic from credit unions are usually less costly in terms of fees.
Been turned down by all the major banks? Try your local credit union, as its borrowing standards are more flexible and they may be willing to work with you, especially if you are a member in good standing. And if you’re self-employed, you already understand how tough it can be to get approved for anything with major banks.
7. Earnings on savings accounts
Although the interest rate is still on the low side, it beats the major financial institutions. According to the NCUA, as of Sept. 30, credit union savings accounts yielded earnings of 0.15 percent on average while banks earned only 0.06.
8. Customer service
The credit union may not have a 24/7 customer service line for you to call at 2 a.m. when you have a burning question about your account, but rest assured that the focus will always be on you. Every credit union I’ve ever been a member of was staffed by friendly representatives who knew me by name. I can’t say I’ve had that experience with banks.
Also, there’s no need to worry if your card is lost or stolen because there is typically an after-hours hotline you can call at any time to report these unfortunate occurrences.
You can rest assured that your funds are safe in the credit union’s hands. Similar to most major banks, all accounts are federally insured up to $250,000 and backed by the U.S. government.