Most people do not recognize the advantages of credit unions over banks
. People complaining about the banks service fees, rates of inerest and other problems are not uncommon. Even credit unions are subjected to complains but they are less in number than banks. The fact is that credit unions in Utah alley follow a different model of business. And as a result they are known for their friendly services. The credit unions hold customers on top. When an account is opened in the union the members become the part of the union. They are shareholders and not called as stockholders. They believe in creating best customer support and service and not biggest profits. A few unions call for meeting also to vote on the policies related to the accounts.
Credit unions are associated with low fees. Banks build money in the fees. The fee allied with the credit union is lower compared to the bank. A transfer fee is low, no ATM charges are charged by the credit unions. Even the overdraft policies are fine, overdraft fees makes money for banks. Unions help in avoiding the banking fees. The credit unions offer the best saving rates and low interest rates. Credit unions are not profit making agencies and therefore just desire to cover up for the costs of operating so that customers are satisfied with the customer rates. The interest is low on a loan and if the member has an automatic payment option set up they are also eligible for further services. The deposit accounts see good interest rates compared to the other banks.
In Utah valley, the credit unions will work with people even if they have poor credit or are not qualified for loans. The director works with people to see what type of loan can be helpful for people with bad credit. All those who are interested in mortgage and have a bad history of credit, credit union will be most preferred option. Credit unions also help in offering programs that will have a control on the budget and lot of expenses can be covered monthly. There are rules for joining the union depending on the geographical region, employment, etc. They offer lifetime membership. In order to stay member for a lifetime of a credit union, there may be a demand of having a savings or a sharing account so that a member is active for lifetime.