Reasons to Join a Credit Union

Fact: A credit union is a cooperative composed of members who control and own the financial institution. Usually, the people who belong to a credit union are co-workers or worshippers of the same religion. Now, a credit union works a bit like a bank in some aspects though it varies greatly when it comes to the actual operation of the business and the people who take part in decision making. Credit unions give members the chance to pool their money, lend to members and have a say in the governance of the body. 

So, what are the reasons to join a credit union? Why should a person join one when community banks and other institutions can offer the same services? Well, here are some of the reasons that can convince people that credit unions are the better options. 

• Member-owned

As mentioned, a credit union is owned by the members. When a person creates an account with the groups, he automatically becomes a member. Aside from being a member, he also becomes a partial owner. This has a huge implication because it means that the member can cast his vote on who gets to sit on the Board of Directors as well as on cast his vote on some policies that are yet to be decided on. Plus, the member can also have the opportunity to give input regarding the financial services that the group can include in its roster of services. 

• Financial services selection

A credit union allows direct deposits and wire transfers upon opening savings, checking or money market accounts. Plus, a member can get a low-interest credit card with low or virtually no annual fees. Then, members can also benefit from the following: financial education, credit counseling, notary services and investment services. These things are not offered by banks. 

• Lower fees and higher interest rates

A credit union member can benefit from low credit card fees and low checking account fees. However, you must know that there are fewer credit union ATM machines compared with ATM machines of banks. But, if a person wants to enjoy the zero annual fees, then he must prepare himself for longs lines at the credit union ATMs.  

Now, a credit union is a non-profit organization. This means that a member can get higher interest on savings accounts like CD deposits, money market and other types of long term savings accounts.  The high interest rates are the result of the credit union’s desire to give back the profits to its members. 

• Top-rate customer service

Due to the fact that the members of the credit union are also its customers, the employees are usually stakeholders as well. Because of this, the standards of service are impeccable. For example, customer service for a school credit union for Council Rock teachers has received higher rankings than local banks when it comes to customer service. 

With credit unions, people have more chances of benefiting from the best money market rates in Central Bucks.  Additionally, they can also expect to get excellent service from the employees.  What’s more? Decisions for 15 year mortgage rates to Yardley members and the kinds of checking account promotions for Newtown members are set by residents and bank officers of these places. Lastly, the best credit union in PA is often decided based on member surveys and total assets. 

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