What to Look for When Choosing a Credit Union
It is common to find people switching between banks or credit unions until they find the ones that meet their needs. Though switching banks and credit unions may seem the best option, people tend to encounter challenges in choosing the best ones. Besides, people tend to assume that banks and credit unions are similar. Whiles credit unions are non-profit cooperatives, owned by the members, banks are known to be meant for profit corporations and owned by stockholders. On this regard, credit unions are the best option for people looking for customer-owned financial institutions. In this article, we will take you through the factors to consider when choosing credit unions.
The roadmap to getting the best credit union begins by getting recommendations of the best unions from people you trust. When asking for referrals, inquire from people who are members of the credit union. Different credit union tend to provide different banking experiences to their members, therefore, you need to ask if the credit unions provide the best banking experience to their members. Credit unions tend to limit their services to people, as a result, it is a good idea to inquire get information about the restrictions involved in the credit unions you are considering. Here are some of the factors that can make one be eligible to join a credit union, they include the organization one works for, the town they live in, the industry they work in as well as the groups one is a member.
The next step involves checking the rates and fees charged by different credit unions. Unlike banks that charge higher rates, credit unions are known to offer better saving rates and loan terms. When comparing the rates and fees, you need to first compare the checking accounts and saving rates in your area as this will enable you to know the credit union that will give you the best deal. Read about IBM Southeast Employees' Credit Union here.
Now that you know the rates in your area, it is a good idea to know the amount you will pay to open an account with the credit union. Click here to learn more https://www.ibmsecu.org/
In addition, don’t forget to check the safety of the members of the credit union you want to join. If you want to protect your savings while banking in a credit union, you need to open an account with the credit union that is insured. Though some people may underestimate the importance of credit union accounts that are insured, little do they know is that such accounts can protect their saving in times when the unions are going through economic hardship. View here for more info : https://www.huffingtonpost.com/entry/the-impact-of-credit-unions-supporting-main-street_us_58af6ff5e4b02f3f81e4458d.
Furthermore, you need to look at the technology the union uses in its operations. People need to consider being members of unions that use state of the art technology that is customer friendly.
