subject: Three Benefits Of Using Credit Unions [print this page] When selecting credit unions, you'll find some added benefits that you just will not find so readily available in most national banks. Even smaller banks lack the same structure and as a result, their profit-drive design doesn't put the individual first. On the other hand, when you select one of these smaller locations, you'll find some outstanding benefits that make banking much easier. Many people will use the same establishment year and year, throughout their lives because they've developed such a strong relationship with the facility. This may be why you sign up, too.
They Know You
Since credit unions are smaller, generally, they tend to provide more individualized service. They know their customers by name. This happens because the organization's structure is not driven by the corporate and stock markets. If the company does turn a profit, it is shared with its members. For that reason, they are focused on customer service and working with individuals to create that sense of belonging. This can make a big difference for anyone who is looking for a loan or who needs help from time to time financially.
They Lend Based On Your Qualifications
Though most big banks will lend money to members, such as car loans, mortgages and business loans, they often do so based on the return. In other words, the individual's credit risk is a big factor. With these other locations, that's not all that's taken into consideration. If you've developed a long relationship with the organization and you are a reliable customer, they tend to take that into consideration as well. You'll find that this sense of familiarity makes people feel good.
They Are Competitive
When you compare the loan terms, interest rates, product options and the availability of funds, most of these facilities compete with the big banks without a problem. In fact, they can often offer better rates to members than other organizations can. That may mean you spend less to get a loan through this organization as you would another. Add to that the fact that they offer all of the modern features and banking elements you need from online management to debit cards. Find out what the facility has to offer you.
You do have plenty of options when it comes to selecting a bank. However, credit unions are often the best choice for many individuals. You may find that this is like going to the same barber every few weeks or turning to the mechanic, you trust. When you find an establishment that knows you well, you will feel good about going to it for all of your financial needs.
