Many people have found that the service they receive at their bank isn’t always the most courteous service available. Some banks seem to think that you should be grateful that they took your business rather than them being grateful that you brought their business to them. Between ridiculously expensive service fees and lower interest rates paid on customer accounts, many banks don’t give you a lot of reasons to continue your relationship.
Fortunately, you do have a choice about who you choose to do business with. Credit unions are a great alternative to conventional banking institutions. With all of the necessary traits of a bank, credit unions are private organizations that consider their customers to be members and owners. Look at these ways that credit unions differ from banks.
Lower Interest Rates for Loans – Credit unions are non-profit organizations so they don’t feel the need to turn such a large profit. That flexibility allows them to charge much lower interest rates for consumer loans like mortgages or auto loans.
More Consideration – Credit unions tend to look at its members as people, rather than just a bunch of numbers. If you’ve got a rough credit history, you may find getting a loan through a credit union easier than a traditional bank.
Earn Higher Interest on Your Accounts – Again, because credit unions don’t have to answer to the demand for high profits, they are able to return their profit to their members in the form of earned interest.
Better Service – When you call the customer service folks at your credit union, you can expect to speak to a real person, and probably much more quickly than when you call a bank.
Lower or Fewer Fees – Credit unions often attract new members by charging fewer fees than banks charge. When they do charge for a service, you can expect the fee to be significantly smaller than the bank’s fee.
Credit unions have become very prevalent throughout the country. Although you do have to belong to a specific group to join a credit union, there are so many available that you can almost certainly find one that you’re eligible to join.
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