Here’s How Joining a Credit Union Can Benefit You!
It’s the small decisions that may help you charter a financial path. While there may be various ways to save money, such as carrying a credit card balance and pay off it full each month or spending much lesser than you earn or keeping the housing costs to a minimum, and find out various other ways to find out how your money works for you. Today you don’t depend on your fixed deposits to bail you out during rainy days, you may have other options to explore. Among these options, the credit union is one option that you can certainly try. Here are the benefits of opting for the credit union.
Credit Unions Give You The Importance
As per the conventional rule, a bank lets the customer in, make deposits, take out loans, and make investments. The bank then sets the rules regarding the interest rate and whether customers must carry a minimum deposit. Credit unions shattered the age-old rule by including each customer as the shareholder.
When you become a part of a credit union, you also become a part-owner, along with others. As a shareholder, you can decide how the credit union can operate and participate in the credit union. You can join a credit union in various ways, such as being a volunteer and becoming part of the board of directors. Or become an active voter and proposition new ideas. Also, one member equates to one vote. Even if you have just $10 in your checking account, you will have a say as much as someone who has hundreds of thousands in their account.
Saves You Money
It is the members who form and govern the Credit unions or not-for-profit. Since you are an active member who has a say, the credit union ensures you are happy in remaining so. There is a difference between credit unions and banks as Banks earn money through the interest they charge on loans and fees on things like monthly maintenance or making the most of the out-of-network ATM.
This ensures a sizeable profit to the bank stockholders. The return on the investment will cater to their needs and keep them happy in the process. If you are a credit union member, you’ll get the profit earned by you via low-interest rates on loans and money market accounts. (MMAs). Being part of credit unions can help you save money as you share an ATM network with different credit unions across the country.
Credit unions can give you ample peace of mind. Many people think that credit unions are often a safer option than a bank. Credit union accounts can get similar coverage through the NCUA. Credit unions may offer similar protection to retirement accounts like IRAs and trust accounts.
Much like banks, credit unions can fold, but that usually means they will merge with another credit union. Whatever may be the outcome of the credit union. The members will get protection under NCUA insurance. If an insured credit union happens to fail, members can receive payments for the deposits within a spate of a few days.
Promises Friendliness and Accessibility
Big banks can often seem cold and formal and sometimes inaccessible. Very often, the branch managers may not have the authority to make the decisions to offer you help. And in some other instances, banks become so enormous that you become unimportant as an entity.
Credit unions are established by people who have something in common. It either may be a particular type of job, union membership, or in some cases, a shared alma mater. This may even be because they share a common county. Also, a credit union is for everybody and everybody. If you are looking for a credit union that’s federally insured and caters to your needs, NCAU can help you find a credit union locator near you.
Choosing the right financial institution may seem like a big deal for most people simply because many options exist. You may choose a bank where you will be treated with respect, offer you the best interest rates, and help manage your money a whole lot little easier. However, make sure you do ample research on the various credit union options available before you make a pick!
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