R Personal Finance Best Bank For Checking And Savings Account Reasons Your Money Is Better Off With a Credit Union

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Reasons Your Money Is Better Off With a Credit Union

Today’s consumers have a full range of options when choosing products and services. And a smart shopper considers their choices and weighs their options to get the best product for their specific needs.

Unfortunately, it’s clear that many consumers don’t always do their research when it comes to where they put their hard-earned money. There are many banking options but research tells us that more than 65 percent of consumers do not switch banks despite a negative experience or life change.

If you are currently banking with one of the “big banks” and are not satisfied with their services there are several reasons to consider banking with a credit union. If you’re not entirely convinced they might be the right path for your finances, here’s a breakdown of the benefits of banking with a credit union.

Personalized customer service

Because credit unions are banks for people by people and have smaller memberships than typical large institutions, you’re able to get customized personal service. It’s a much more intimate relationship than you would have at a traditional bank. Credit union employees really know you and are invested in your success as a member. That’s because their focus is on personalizing every consumer interaction, zeroing in on lines, long phone waits, and canned responses.

Access

Since they serve their local communities, most branches are not available outside their service area. To compensate for that they sometimes reimburse members for ATM fees or offer a shared ATM network if members have to go out of network to access their money.

structure

Credit unions are owned and operated by their members. The minute you make your first deposit, you will have voting rights.

Low account fees

They have lower fees across the board because they have lower overhead costs. Because they are typically smaller operations than larger banks they can pass their overhead savings on to their members. According to Bankrate.com, more than 75% of credit unions offer free checking, compared to 40% of banks. And many don’t stop there. They also pay rewards to members in the form of higher interest or dividends, cashback, and other benefits like ATM fee refunds.

Monthly maintenance fees are low and members do not need to maintain high balances in accounts to avoid these fees.

Serving the following services

Credit unions provide services that are typically closed off from the traditional banking system. It covers large numbers of immigrants in communities that otherwise do not have access to essential financial services.

Supporting the local community

Money deposited at your local credit union supports its members and the local community. They channel back into the local economy in the form of loans for small businesses, home purchases and loans that help members meet their financial goals.

Interest rates

They offer high yield savings and checking account rates. Good luck finding an interest-producing bank account at MegaBank. They yield nothing for their account holders.

No Scam:

Employees are not pressured to meet unreasonable sales targets. So relax, no one will open a secret account behind your back.

Federal insurance

Your money is no safer at a big bank than at a local credit union. Like the FDIC at a traditional bank, deposits up to $250,000 at a credit union are insured by the NCUA—a federally supported agency.

First Name Basis:

They take the time to get to know their members. You will be a name, not just an account number.

Technologically advanced

Credit unions have come a long way from their once obsolete banking style. Today, the technology used in credit unions is as advanced as megabanks. They have online banking options that include mobile check deposits, smart chip cards, mobile apps, online bill payments, e-statements and more.

If you’re looking to move your money from a traditional bank to a credit union, what’s holding you back? I would encourage everyone to research their local credit union to see what they can offer. If nothing else, it’s worth opening a checking or savings account. You’ll pay less in fees and get more personalized service.

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