You’ve heard the term “credit union,” but do you really know what sets these financial institutions apart from your traditional bank? Sure, credit unions follow a different business model, but that’s not really why people choose them. Customers often join a credit union for its “members first” mentality. After all, when you become a member of a credit union, you ultimately own a piece of the organization. And in doing so, you take ownership of your finances, and more importantly, your future. Let’s take a closer look at some of the specific advantages customers can expect when they choose a credit union.
Exceptional Customer Service: When you open an account, you become a valued member of the credit union. As such, you are sure to enjoy a more personalized experience, one in which your financial needs come first and support is always available. This means if you have difficulty getting approved for a home loan, a credit union may be able to work with you to figure out a solution that works for everyone involved.
Higher Interest Rates on Your Savings: Savings accounts allow you to earn interest on the funds you’ve got stored away for a rainy day. Here at Members Choice Credit Union, we understand that you want your money to grow for the sake of your family and your future. Fortunately, our credit union rates on savings are higher than those you might get at a standard bank. Credit unions are not focused on turning a profit; the happiness and success of the member is always the main concern.
Lower Fees: You may have learned the hard way that fees are often the greatest source of income for banks. But rest assured, while credit unions do have fees for certain services and products, they are typically much lower. Whether it’s transfer fees, ATM fees, or overdraft fees, credit union members can save a lot of money by facing fewer of these expenses.
Sadly, the average person in the U.S. has $17,966 in auto debt and thousands more in debt like student loans or mortgages. That’s why it’s important to join a financial institution that truly cares about its members. With lower fees and a heavy focus on member satisfaction, credit unions make an excellent option for all of your financial needs.
To learn more about credit union rates, loans, and what Members Choice Credit Union can do for you, contact us today!