The Top Benefits of Becoming a Member of a Credit Union
Learn About the Many Benefits of Joining a Credit Union as Your Financial Institution
Credit unions are one of the many options available to you for a financial institution, and they offer some benefits over traditional large financial institutions & banks. A credit union is a type of not-for-profit financial institution that serve their members as a bank would. Once you become a member, you can open a checking account, savings account, apply for loans, credit cards, and more. Being a not-for-profit financial institution, credit unions can offer their members lower rates on loans as well as better-performing savings accounts, saving them money. Keep reading to learn more about the benefits of becoming a member of a credit union!
Credit Unions Are Member Owned
What this means is that credit unions are there to serve their members. Credit unions, unlike banks, are not-for-profit financial institutions that exist because of their members. They are not there seeking to make a profit from their members, but rather serve the community they exist in.
This also means that credit unions are actively seeking to improve the communities that they operate in. When a credit union opens its doors in your area, they are making a commitment to invest locally in your community. Credit unions often give back to their communities by partnering with local organizations, sponsoring events, and doing other things to truly invest in the community they serve.
Credit Unions Can Offer Great Rates
Since credit unions are member-owned and not-for-profit like we talked about, they can offer the members better fees & interest rates on a lot of what they offer. Some examples of some fees that you can save money on are annual account fees, balance transfer fees, overdrawn fees, and other fees that may occur. In addition to saving money on fees, you can save even more with the lower interest rates on loans and credit cards that credit unions offer to members. Federal laws prohibit credit unions from being able to charge over 18% interest rates on loans which can also apply to credit cards. In comparison to banks, you can often get an APR that is lower when you get your loans through a credit union.
The lower rates and fees associated with your account as a member of a credit union are one of the biggest perks of joining. It is a great way for you to save money in places you are already spending.
Another benefit of becoming a member of a credit union is the capability for their employees to personalize their services to meet your specific needs. With credit unions operating in certain geographical areas, they can customize their services to match the needs of that community whether it is a city, suburban area, or even more rural. The services can even be customized to fit certain regions of the country because the needs of someone in New York may be different than those of someone in North Carolina.
Credit unions offer tons of the same services you can expect to find from large banks and more! Most credit unions offer their communities a variety of both business and personal banking services. Open bank accounts, credit cards, and apply for loans all through your credit union! Even businesses can enjoy the benefits of a credit union in their community. Becoming a member gives you access to the customized nature of all the services credit unions offer.
“Customer First” Customer Service
Becoming a member of a credit union also gives you access to employees dedicated to you. Large banks have millions of customers and huge networks of employees. This makes it hard to give every single customer the same care and level of attention. The employees of credit unions can give their customers more attention and make connections through the community. If you ever have an issue or questions, you simply can stop by your branch and talk to someone.
Credit unions are always looking for ways to put their members first. If you decide to join a credit union, great customer service is a benefit you can expect.
Why Should I Become A Member Of A Credit Union
Becoming a member of a credit union is a great alternative to traditional big banks and other financial institutions. They offer a lot of benefits that big banks cannot offer at the cost of a few drawbacks such as limited locations. If some of these benefits, have you are interested in joining a credit union, do some research and see what options are available in your area. Compare locations, rates, services, & more to find a credit union that meets your financial needs.
Learn More At Latitude 32 Credit Union
Latitude 32 Credit Union offers great options on Visa Credit Cards, loans, bank accounts, & much more to its members with great rates and rewards available. Contact our expert team today to learn more about our options and becoming a member. We are here to help!
Latitude 32® Credit Union
1845 Sam Rittenberg Blvd.
Charleston, SC 29407