When it comes to banking, you have plenty of options. One of those is that you can join a credit union instead of a bank. Doing your banking with credit unions has its perks. Here are some of the biggest advantages of relying on a credit union for all of your banking needs.
Customers Come First
Credit unions generally put their customers first. In addition, you are not simply considered a customer but a member or stakeholder. The institutions work to please their members, so as a result, you also get exceptional customer service and support.This makes credit unions much more people friendly than their bank counterparts.
They Work with You
When you are a member of a credit union, you can always get help when you have problems such as bad credit or need a loan. People employed at credit unions are far more willing to help you by meeting with you to find the best solution to your problem. In fact, if you have a poor credit history, credit unions are the best option for you when you need a loan to pay off a mortgage or purchase a vehicle. They often even have programs you can join to help you gain control over your finances.
Credit unions charge lower fees in contrast to banks. Transfer and overdraft fees are both lower, which means that you can look forward to saving more money in the long run.
Better Interest Rates
Another advantage of banking with a credit union is that you can earn better interest rates. The organizations are not looking to make a profit, so interest rates on loans are considerably lower. You can also earn better interest on money in your savings account. For more insights, Windsor Family Credit Union has resources and information available on their website.
Easy to Qualify as a Member
A great thing about doing your banking with credit unions is that it’s relatively easy to join them. There are specific criteria to joining, such as location, working for a certain employer and attending a certain school in a particular area. You are also a member for life after you join. Sometimes, credit unions will have a requirement that you must have a savings account or shared account that stays open at all times to keep your membership. Also, after you have a savings account, you can then open a checking account and get a credit card.
Free ATM Usage
Credit unions have many ATMs available to use for free. You can withdraw your money for no fee, provided you use a participating machine.
These are some of the best reasons to do your banking with a credit union. Consider joining one in your neighborhood and you will reap the rewards.