The Benefits Of Credit Unions In Your Area

Have you thought about switching to one of the credit unions in your area

? If so, now is the time to do so. There are some exceptional reasons to make the move away from traditional banks back to these financial institutions that have a smaller client base and better features to offer to you. Though you may need to be a member of a specific group or you may need to be a local, it pays to look into these lenders for your needs. Not all institutions are the same. Take a few minutes to consider which type is right for you.

Ownership Is Different

Unlike the big banks of Wall Street, its members own the credit unions in your area. The owners of the company are the customers. This means the executive management behind the company answers to the customers. In larger institutions, even publically traded companies, the goal is to make money. A bank is not doing well unless it is squeezing money from its users. On the other hand, the decisions made by managing with credit unions must benefit everyone, the customers and management. This makes a big difference when it comes to safety.

Not-for-Profit Is Essential

Everyone knows about the biggest banks that toppled over in the last decade as a result of desiring too much money. One thing you can count on with a union, though, is that it is a nonprofit organization. This means that any profits are shared with the customers of the facility. More so, management of the financial institution is not under the gun to find ways to make money off its customers. As a result, most of these facilities earn exemptions from federal tax and they have more money to put back into customer's accounts.

Fees and Costs

When choosing any type of financial institution, individuals want to know the costs to use the features offered. With these facilities, you will not find as many fees. Fees are usually not present in these organizations at all, in fact. More so, these organizations also have higher interest rates on certificates of deposit, savings accounts and even checking accounts. Some companies even have regulations in place that limit the amount they can charge for loans.

Overall, you have a decision to make about which credit unions in your area are right for you. Yet, before you push aside these facilities in favor of traditional banks, consider what they can really offer to you. Better rates, fewer costs and more customer-focused attention are often key benefits you will find with these providers. If you want to bank with confidence in a company that you know is financially strong, this may be just the place for you to be.

by: Anders Abadie

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