Financial Web Guide

Many consumers are looking at their financial institutions with a more critical eye these days. In the wake of taxpayer bank bailouts, decreased rates on savings accounts, and impending disappearance of free checking, its not surprising that bank customers are questioning whether they should keep their money at a bank. Last year, Bank of America alone lost 400,000 accounts, according to the Move Your Money project.

One alternative to big banks is credit unions. With services and products as competitive as big banks offerings, credit unions are becoming more popular among consumers.

Credit unions operate very differently from big banks. Banks are owned by investors and shareholders, while credit unions are non-profit institutions owned by members. When you join a credit union, you are essentially becoming part-owner.

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Nerves were already on edge before the US jobs data after China reported that its manufacturing output has barely grown in June. 

By Philip Aldrick, Economics Editor

11:10PM BST 23 Jun 2011

Poor US employment figures, fresh concerns that Greece may trigger a wider financial crisis, and a slowdown in private-sector activity in China and Europe compounded fears that global growth may be stalling.

“It is difficult to know where to start on a day like today, as the bad news continued to bludgeon already punch-drunk investors,” said David Jones, chief market strategist at IG Index.

Britain’s blue-chip index lost £26bn as the FTSE 100 shed 98.61 points to close at 5,674.38, its weakest since mid-March, with banks and miners leading the slide. European markets followed suit, ending the day at a three-month low. <

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