The Benefits of Joining a Credit Union
Credit unions are not like banks because its owners are its members. The profit that the credit union makes goes back to all its members but in the form of lower fees and higher savings rates.
One of the benefits of joining a credit union is that you are able to use your savings and checking accounts to help other members of the credit union able to get mortgages so that they can buy home or secure their business loans so that they can start a business of their own.
It is for financial stability of their members and communities that credit unions are established.
It is not for profit that credit unions are established. The member-owners are there to receive better services from the credit union. If you become a member of a credit union, then you benefit in many ways.
Helping members reach their financial success through personalized services is one of the benefits of joining a credit union. Since this is a not for profit institution, members can be helped with their individual financial needs. Some credit unions provide training and counseling to help members understand financial matters that are complex in nature.
The profit that the credit union makes is given back to its members through their savings accounts and other financial products in terms of higher rates a credit union has profit, then it is given back to the members through higher rates in their savings account and other accounts.
You will be charged lower. fess as a member of the credit union. If you use their typical banking products, credit unions will charge lower fees for them.
There are lower interest rates on loans from a credit union than from a bank.
You will find credit union members have many things in common like interests, live in the same community, work together, members of an organization together, and a lot more. These are membership requirements of credit unions. Members of a credit union will enjoy being part of a financial institution who focus of n their needs.
CREdit Union members get to vote when important credit union decisions have to be made including the selection of board members for the union. All members of a credit union are its owners. Being co-owners you have a say on how they run the credit union. They also benefit from the decisions they make.
Credit unions offer many services despite being smaller than a bank. Consumer loans, shared branches with other credit unions, electronic banking, ATMs, home equity loans, member business loans, credit cards, mortgage loans, overdraft protection, are just some of the services offered by credit union together with financial education and counseling. Even though their products and services are not as many as other financial institutions, it covers a lot of your banking needs.
Joining a credit union has many benefits so if you join one today, you will be the recipient of these benefits that were mentioned above. Being a member of a credit union will let you enjoy all the benefits mentioned above.