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Have you ever stopped to pay attention to what you are spending your money on... Read More August 29, 2016
Join us for the Start-Up Basics seminar next week! Complimentary. Refreshments. RSVP here:SCORE will be... Read More August 27, 2016
We love credit unions, and we want to shout it from the rooftops! Our friends... Read More August 26, 2016
Look at all this pet stuff! We love our members. We’re accepting donations for one... Read More August 24, 2016
Read More August 24, 2016
Great tips to fit the money conversation into your everyday lives.Want to raise money-confident kids,... Read More August 24, 2016
Looking for a new home? Or ready to refinance? These calculators will help you get... Read More August 23, 2016
Remember to comment on the original post for your chance to win! ONE LAST TICKET... Read More August 23, 2016
Congrats, Audrey! We’re lucky to have you. Read More August 23, 2016
We still have spots available for our REIT seminar this Thursday! Complimentary. Refreshments. RSVP here:Looking... Read More August 22, 2016


Why should you consider a credit union?


We love credit unions, and we want to shout it from the rooftops! Our friends at NerdWallet are here to help us shout about it.

Why should you consider a credit union?

Choosing between a bank and a credit union can seem like a toss-up. Each generally offers similar financial services, including checking and savings accounts, loans, credit cards, certificates of deposit, money market accounts, 24-hour online capabilities and a nationwide ATM system.

There are some potential tiebreakers to consider, however: Would you like to be a “customer” or a “member”? A “client” or a “co-owner”? Does the institution’s big boss work 2,500 miles away, or is he or she in your town? Is the board of directors composed of corporate careerists primarily devoted to stockholders, or is it made up of your neighbors and co-workers working for the good of you and your community?

Credit unions like Great Basin Federal Credit Union are not-for-profit institutions with a mandate to serve their communities. Just like in your home, everything left after paying the bills goes right back to the community “family,” here in the form of lower loan and credit card rates and higher return on your checking and savings accounts.

Low rates and fees

Because credit unions are member-owned, they offer low interest rates on credit cards and loans. For example, the average interest rates on four-year and five-year new-car loans at a credit union were a full 2 percentage points lower than what banks charge in March 2016, according to the National Credit Union Administration’s statistics. That can save you hundreds of dollars in interest over the life of a loan.

You can also get mortgages and home equity loans at a credit union, often with greater ease than at a big bank. The loan officers at a credit union work with members to help get the best loan possible. They know members personally and look at more than just an applicant’s credit score.

For basic banking needs like checking and savings accounts, credit unions often outperform the big banks by offering checking accounts that don’t charge maintenance fees and don’t have minimum balance requirements. Deposits up to $250,000 are insured by the NCUA.

Flexible financing

Credit unions have a specified mission of promoting thrift and providing access to credit to their members, especially those of modest means. Because of that, they are more likely to work to get loan requests approved, even when a member’s credit history doesn’t quite fit the mold, to get that member the financing he or she needs.

Big banks, on the other hand, tend to have inflexible loan criteria that can make approval difficult for those who have blemishes on their credit history. Because of that, approval rates for both personal and small-business financing are higher at credit unions than they are among other financial institutions.

Credit unions also are noted for their friendly attitude. The American Customer Satisfaction Index compares banks and credit unions on the basis of expectations, quality, value, loyalty and complaint rates. In 2015, 81% of credit union members were satisfied with their financial services, compared with 76% of bank customers.

Lynn Mucken, NerdWallet

© Copyright 2016 NerdWallet Inc. All Rights Reserved

Ease the Burden

Rein in Wall Street. Stop hurting Main Street.

Credit unions are not-for-profit financial cooperatives that provide high-quality, affordable services to 105 million American consumers—their member-owners. During the financial crisis, while big Wall Street banks had to be bailed out by taxpayers, financially sound credit unions like Great Basin Federal Credit Union helped middle-class families weather the storm.

Great Basin members didn’t cause the problems that pushed the economy into the Great Recession, so why are we being punished like the gigantic banks that did?

Instead of focusing on the real problems with Wall Street, Congress and Washington bureaucrats overcorrected and created expensive new regulatory burdens that hurt credit union members on Main Street.

Let’s take a quick look at the facts:

  • Out-of-control federal regulations have a staggering $7.2 billion total impact on credit unions.
  • Since 2010, total regulatory costs for credit unions have increased by 39%.
  • Credit unions have lost $1.1 billion in revenue due to regulatory costs.

If those numbers don’t resonate, take it from credit union CEOs themselves. When asked in a survey recently what they would do if those lost costs were returned, the top two answers were that they would turn around and provide members lower rates on mortgages and higher interest rates on deposits.  Washington’s overreaction has taken money out of the pockets of credit union members for a problem credit unions did not cause.


  1. Loan rates are higher
  2. Approval times for mortgages and other loans are longer
  3. One out of four credit union employees now must spend their time dealing with regulations instead of serving member needs.
  4. Wait times, paperwork and complexity increase, becoming serious drains on your valuable time.

Since 2010, credit unions have been forced to spend $1.7 billion more on unnecessary new regulations.  That’s our members’ hard-earned money that could have been invested in lower interest rates on loans and better rates of return on deposits.

Credit union members deserve to be treated fairly.  What may work for the biggest banks in America doesn’t make sense for us.

It’s time for Congress to fix the problem and tell regulators to ease the excessive burden that is being placed on Great Basin and millions of individual credit union members.

Ask your U.S. Senators and Representatives to demand that regulators exempt credit unions from these expensive and punitive new rules.

Wall Street caused the problem.  Credit union members like us shouldn’t have to keep paying the price!



CEO and President, Dennis Flannigan
Great Basin Federal Credit Union

P.S. These punitive regulations are costing you $71 per year.  Tell Congress you don’t want to pay the price anymore for Wall Street’s mistakes.

How Do I Find Good Mortgage Loan Rates in Reno?

mortgage loan rates Reno

So you’re looking to buy a home! This can be the biggest purchase of a lifetime, and there are a lot of moving pieces involved in buying a home in Reno. One of these factors is your mortgage loan rate. How do you find a good mortgage loan rate offer? At Great Basin FCU, we are here to help you find the best mortgage loan rates in Reno.

Mortgage loan rates fluctuate. There are also many variables that factor into your mortgage loan rate. These factors include your credit score and your debt-to-income ratio.

Mortgage Loan Rates & Your Credit Score

Home buyers with poor credit may face higher mortgage loan rates. If you are looking to buy a home within the next year, start working on building and improving your credit to get better mortgage loan rates. Team up with your local credit union to learn how to build your credit and improve your credit score! If you take steps to show improved financial behavior, you may see lower mortgage loan rates for your Reno or Sparks home.

Mortgage Loan Rates & Debt-to-Income Ratio

mortgage loan rates Reno

Finding the best mortgage loan rates in Reno requires some research!

The debt-to-income ratio or DTI is a big factor in determining mortgage loan rates. Your DTI is as straightforward as it sounds. DTI is a calculation of how much debt you have versus how much income you have coming in each month. There are two DTI ratio calculations to determine your mortgage loan rates for your Reno home. These two ratios are the front-end ratio and the back-end ratio.

The front-end ratio calculates what percentage of your income would go towards the expenses of owning a home in Reno. The front-end ratio is also called a housing ratio. If your front-end ratio is above 30%, you will get offers with higher mortgage loan rates in Reno.

The back-end ratio shows just how much of your income goes to monthly financial obligations. These obligations include paying off credit cards and existing loans. How much of your income goes straight to bills? How can you lower this ratio? If you can lower this debt-to-income ratio, you will get offers of lower mortgage loan rates from your Reno credit union or bank.

Refinancing for a Better Mortgage Loan Rate in Reno

People can refinance their homes at a lower mortgage loan rate. If mortgage loan rates have dropped since you bought your home, you can use the refinancing lower your mortgage loan rate.

The refinancing process does cost money, but it can be worth it if you end up saving on your home! You can also use refinancing to shorten your loan term, consolidate your debt, and more! Curious about refinancing? Give us a call.

Dependable Mortgage Rates with Reno’s Great Basin FCU

mortgage loan rates Reno

Learn about Great Basin FCU’s mortgage loan rates and refinancing options!

At Great Basin FCU, we help you get the best deal with your mortgage rates. Our credit union staff can help you through the home loan process, including finding good mortgage loan rates. We can even help you find out if you qualify for a mortgage loan pre-approval!

Stop by Great Basin FCU in Reno or Sparks to learn more about our mortgage loan rates. We are happy to answer your questions and help you in your home-buying journey. Apply for a mortgage or refinancing option with Great Basin FCU today!

Summer Vacation


Discounts on vacations are just another perk of being a credit union member. Please, enjoy!

Get Away Today and Great Basin Federal Credit Union are so excited to be a part of all the fun things happening in Southern California this summer! 

It’s your LAST CHANCE to be a part of Disneyland® Resort Diamond Celebration. With dazzling decor throughout the park and three incredible nighttime spectaculars, you won’t want to miss it. Plus, Season of the Force is going strong at Tomorrowland with newly themed attractions, character meet-n-greets, and so much more for Star Wars fans.

The Wizarding World of Harry Potter” is now open on the west coast at Universal Studios Hollywood! With exciting rides, unique experiences and fabulous food, you will surely have a magical time.

SeaWorld San Diego is hosting their Summer Nights and SeaWorld’s Summer Vibes. Summer Nights kicks off Memorial Day weekend with longer park hours, nighttime shows, and spectacular firework displays through September 5, 2016. Plus, Summer Vibes features the hottest performing groups on select dates June – August.

Take your family on a summer vacation they’ll remember forever! Hold your vacation for just $125 and with Get Away Today’s Best Price Guarantee, you’ll get the lowest price on your ultimate Southern California Vacation. Visit Get Away Today or call 855-GET-AWAY and mention Great Basin Federal Credit Union when booking.

Three Cheers for Patcha!


Three cheers for Patcha! …but not too loud, you’ll scare her.

Meet Patcha. This month marks 3 years that she has worked at Great Basin Federal Credit Union! We asked her to take a minute out of her busy day in the Accounting Department to tell us a little about herself.

  • What superhero would you be and why:  My mother is my superhero in my heart. I hope that I am half the person she is. She is strong and brave and I could not ask for more. 
  • Where do you see yourself in 10 years:  I don’t know! I don’t think about things that far out, I just try to make it through each day and make every day the best I possibly can.

  • Favorite pastime:  I like to take my dogs to the park and spend time with my husband and family!

  • Little known fact about me:  I am super jumpy and scare easily so people need to give me at least 12ft. distance, 360 degrees around me so I can see them before they say HI! 

Patcha’s boss, Matt, had this to say about her: “We are lucky to have the privilege of seeing Patcha every day. She is a model person that embodies not only everything our credit union stands for, but also all that anyone would look for in an employee, colleague, or friend. Accounting is constantly grateful to have her.”

Aren’t we all lucky to have a gal like Patcha?!

Congratulations to her on this accomplishment! Thank you for 3 great years. Here’s to many more!