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Advantages of Using a Credit Union

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  • Advantages of Using a Credit Union

    If you belong to a labor union or are affiliated with a large employer, organization or residential community you might be interested in joining a credit union. A credit union is a not for profit cooperative financial institution. They offer financial services to members that are extremely similar to banks. If you are interested in joining one, but aren't sure just what the advantages are, here are few reasons why you might want to join.

    Membership is Easy

    Credit unions are cooperative financial institutions and are governed by its members. It should be noted that these institutions are not opened to everyone, but just those that are affiliated with the group that it serves. For instance, if you are part of a labor union, chances are the union has a credit union that allows all union members and their families to join.

    They Offer Plenty of Financial Services

    Just like a bank offers savings accounts, checking accounts and ATM cards, so does a credit union. In fact, most are extremely competitive with the list of services that a bank offers. While they obviously offer accounts to save and check with, one of the biggest reasons to join are low cost loans.

    Loans at a Credit Union

    Since the credit union is not for profit and owned and operated by its members, they are usually able to give extremely attractive rates on most loans, such as car loans and even mortgages. They are usually at the low end when it comes to interest rates and many of these institutions don't charge large fees like most banks do. In many situations, the ability for a family to afford a car loan or mortgage is based upon a lower interest rates and a reduced amount of fees.

    Credit Unions are Safe

    Finally, you can receive all the perks of a good bank including lower interest rates and lower fees and still save and grow your money safely. Credit unions are just as safe as banks to save money and have plenty of oversight to ensure that they are solvent. If you are affiliated with a group that has a this type of financial facility, definitely look into the many products and services that a credit union can offer you.

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