Benefits of a Credit Union
Most small business owners never really look at a credit union when they are looking to place their money somewhere. Actually, it’s not just business owners, it’s the American public as well. There are so many benefits that come with a credit union, it’s no wonder why they are so popular to those that do know about them and use them.
No stockholders- This at first may sound like a bad thing but you have to hear me out on this one. Major banks like Bank of America, Chase, etc all have stockholders, who in return are looking to get a return on their investments. What does this mean for the banks? They need to find every way possible to have nice profit margins which means more fees and lower interest rates for the consumer.
Lower fees – No matter what credit union you end up with, you’re going to find out that they have relatively lower fees compared to the bigger banks.
Better interest rates- Just like their lower fees, you’ll find out that if you ever need a loan, you’ll find out that they have lower rates for auto loans, personal loans and more. Always make sure your local credit union is a part of your comparison search when looking for a loan.
No requirements most of the time- Some people think that a credit union is some sort of cult where you have to know someone to get in. 99% of the time, this isn’t the case. Instead, you can literally walk into any credit union in your area and open up an account today. If you’re still unsure, set up an appointment with someone and they will be more than happy to help you out with the process and further explain the credit union process.
They are member owned – When you’re a part of a credit union, you’re a part owner of that particular credit union.
They are non-profits- Credit unions aren’t in the game to make money. Instead, they are there to help the community with lower fees, etc. If the credit union does make a profit, it is then distributed as dividends to the members of the union.
Ever year, consumers save over 8 billion dollars thanks to credit unions. You’ll soon find out that credit unions can offer double of what a bank comes to when you’re looking to save your money or half the rates for an auto loan or mortgage. Thanks to credit unions, you’ll find next to no fees, lower rates and you’ll get a better return on your money.
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