A Guide To Credit Unions

A Guide To Credit Unions

A Guide To Credit Unions

When you join a credit union, it will be as a member, not an account holder. As non-profit organizations, so they can offer products like loans at lower interest rates. You are likely to get higher interest rates on the money in your savings account. Account charges are lower too, and the service is often better compared to other financial institutions. A large credit union will be valuable if you travel frequently or change cities. Here's a guide to these financial institutions- * Although credit unions are not for profit, they are not charities either. Like banks, they must make sound financial decisions. * Like banks, they are run by a board of directors. These members are often elected by others, and are usually volunteers. They wish to determine the policy of the financial institution. * To join, you must fulfill some criteria. These financial institutions only limit their products to people who share a common bond. This could be the geographic community, religion, or workplace. * A credit union obtains sums of money from their members, which are loaned out to other members. They are insured by the U.S. government, so you can be sure your money is safe. * Compare the charges of financial institutions in your area, to decide which one is best for you. Keep your needs in mind when you make this choice. For instance, if you plan to invest, look for an organization which helps create your financial plan and set goals for retirement. * Check the timings and locations of the financial institution that you are considering. Also, they should have provision for online transactions. * Be aware of the measures the financial institution is taking to secure your account, whether online or on its premises. * Some checking accounts offer perks like free bill payments. If you lead a busy life, you may want to open a premium account, which will enable you to offset charges like these against higher account fees. * Using one financial institution for all your needs can reduce hassle. If you need a loan, for instance, ask your existing credit union for their interest rate and payment terms first. Choosing between financial institutions depends on your individual requirements. Even within these, there are large, small, and medium-size credit unions. Phoenix has Vantage West Credit Union, which is the largest in South Arizona. It has over $1.1 billion in assets, and has been in business since 1955. It has over 105,000 members, so you can be confident about keeping your money in their custody!

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