Joining a Credit Union makes dollars and sense
Happy New Year! As you review your finances from the holidays and try to keep your sanity, it may be time to also review your financial institution. Many people are not aware of credit unions or what they do. Here are just some benefits of joining a credit union.
- You do not have to belong to a particular group or have a specific occupation to join; today, many credit unions are open to almost anyone with very few stipulations. Being member-owned and not-for-profit, the credit union exists to serve is its members. Typically, they offer lower interest rates on mortgages, auto loans and credit cards with lower fees. This helps its members save more money over the long-run. Credit unions are governed by a member-elected, unpaid volunteers which means local accountability.
- Tech-savvy; most credit unions have all the latest technology such as APPs, online banking, mobile site and social media sites such as Facebook, Twitter and even YouTube and Instagram. One of the best features of the APP is the mobile deposits of checks. It is a simple process. Log in to your mobile account, select the deposit check icon, state the amount of the check, take a photo of the front of the check, take a separate photo of the back of the check and select deposit. Members are also able to pay bills, find locations and ATMs, make a transfer and even apply for a loan all through the APP. Most credit union APPs are free though your smart device and are compatible with iPhones, tablets and androids.
- Member-specific savings; credit unions also provide personal loans to members when in need of financial assistance. Financial literacy is also an important benefit that credit unions provide. Helping members understand and manage their credit; improve their credit score and eliminate debt are additional benefits of joining a credit union. Many credit unions have specified fee-free ATMs locations throughout the country. They are also federally insured by the NCUA, the sister organization of the FDIC.
- Educating the public; many credit unions offer free seminars on topics such as credit, getting out of debt, purchasing a car or home and retirement. Credit unions have partnerships with businesses and organizations to provide discounts exclusively to its members. They also give back to the community by generously supporting other not-for-profit organizations.
As you progress through life, it is wise to see if your financial institution is still the best choice for you. It not only saves dollars, it makes sense.