Top Eight Reasons to Join a Credit Union

Author: BankFeeInsider.com     Monday, September 01, 2014 12:00 AM

If you're interested in joining a credit union, you may be wondering what the advantages are for doing so. You've probably heard that joining a credit union is the smartest move to make when it comes to banking, and this is usually the case, so we thought it would be a good idea to outline the exact benefits that you'll gain.

1) Better Rates

Credit unions operate as not-for-profit institutions, and because of this, they tend to offer better rates on savings accounts than you would find through traditional banks. In addition, the rates are usually lower on the loans that they offer, including home and auto loans.

2) Financial Literacy

Credit unions take pride in providing their customers with top-notch financial literacy. From seminars to financial counseling, they strive to teach their customers how to develop and maintain successful financial futures.

3) Increased Availability

If you happen to live in a community development neighborhood, you can usually find a local credit union. In fact, credit unions tend to be available in many areas where banks aren't.

4) Variety of Services

From online banking to 24-hour loan services, credit unions usually offer all of the services that most traditional banks as well as many more.

5) It's All About You

Because credit unions operate as not-for-profit institutions, they don't have to worry about showing profits. Because of this, they are able to focus on you and your financial needs. You'll quickly notice after joining a credit union that the services provided are tailored to your needs, which is unlike the services you'll find at most traditional banks.

6) You Can Join with Little Money

You don't have to be wealthy to join a credit union. In fact, there are many credit unions that will allow you to open a checking account with as little as five dollars. Once you join, you will then have access to other great services.

7) Your Account Will Be Insured

Just as traditional banks are insured by the U.S. Government, your accounts through a credit union will be insured as well.

8) Your Voice and Opinion Counts

As a member of a credit union, your voice and opinion will count in regards to the operations of the credit union. You can even vote when the credit union elects new board members. Additionally, you can volunteer on one of your credit union's committees.

 

As you can clearly see, there are many reasons to join a local credit union. From enhanced services to top-notch customer service, credit unions offer many advantages when compared to traditional banks.

Source: BFI