Depending on your current life situation, there are a wide range of reasons that opening your first account with a credit union may make sense.
- Maybe you’ve never had a bank account of your own?
- Maybe you’ve had an account with a local, regional, or national bank and had a bad experience?
- Maybe you’re at a transition point where financial change is on your mind (i.e. graduating college, getting married, having a child, planning for retirement)?
- Or maybe it’s something else?
Whatever the reason you’re considering opening an account with a credit union, it’s important to understand all the benefits they can offer, before making your decision. For many, opening a credit union account is the first step toward owning their finances. Even NerdWallet praises Credit Unions saying, “Credit unions generally provide better customer service than banks do, though the ratings for smaller banks are nearly as good. Credit unions also offer higher interest rates on deposits and lower rates on loans.”.
And with Latitude32 Credit Union, becoming a member is fast, easy, and can be done on the same day! So let’s explore some reasons why you may want to open a credit union account!
Credit Unions are Member Focused
Inherently, at their core, credit unions operate to promote the well-being of their members. The reason they can consistently offer lower tastes and fees is that the profits made by credit unions are in many cases returned back to members in the form of those reduced rates and fees.
Credit Unions are Member-Owned
When you join as a member of a credit union, you become much more than that. You become a part owner in that credit union. That’s right, credit unions are owned and controlled by the members and people who use their services. Typically a volunteer board of directors is elected by members, who are in charge of managing the credit union. This means your vote counts!
Credit Unions Can Offer Reduced Fees & Rates
Did we mention that because credit unions are here to mutually benefit their members, they can push their profits into reduced rates and lower fees for members? Personal loan rates, mortgage rates, boat and ATV loan rates, checking fees, and more! As a member of a credit union, you can benefit from these advantages.
Credit Unions Offer More Leverage in Lending Decisions for Members With Average to Poor Credit
As a member of a credit union, you can utilize the leverage of your preexisting relationship with the institution during lending decisions. Members with average to poor credit may see more “benefit of the doubt” from a credit union than they would from another external bank or financial institution. Additionally, the preexisting relationship makes for a much quicker and more beneficial (to the member) lending decision.
Again, regardless of where you stand in life, whether you are looking for your first checking or savings account, have recently had a bad experience with a bank, are at a financial crossroads, or any other reason, becoming a member of a credit union like Latitude 32 Credit Union has a multitude of benefits. As a member, the relationship you create with the credit union will afford you better customer service, lower rates, more lending options, and a community formed to mutually benefit one another.
At Latitude 32 Credit Union, we offer a variety of products and services that cater to the Charleston community. Whether you need a checking account, savings account, retirement plan, mortgage, a personal loan such as a boat, RV, or ATV loan, contact our team today!