The Advantages of Joining a Credit Union
Consumers Credit Union in Lake County, Illinois has sponsored an article that you’ll want to pass around to your “CU curious” friends and family. The article is titled ”7 ways you’ll come out on top after joining a credit union,” and it was written by Kat Zeman.
Find it HERE.
As the title suggests, the article boils down the advantages of joining a CU into seven parts.
Here are some excerpts:
- You’re a stakeholder When you join a credit union, you become a member and have stake in the institution. Credit unions are member-owned, member-run and nonprofit.
- Lower rates for loans Credit unions tend to charge lower annual percentage rates for loans compared to banks.
- No ATM fees
- Higher interest rates for savings Being nonprofit, credit unions have a tradition of passing their savings on to their members through various product lines.
- Free checking accounts According to Bankrate.com’s 2016 Credit Union Checking Survey, roughly 76 percent of credit unions offer free checking, up slightly from 2015, when it was 72 percent. Plus, 76 percent of the credit unions surveyed had no minimum balance requirements to avoid fees.
- Faster personal service Credit unions are known for offering faster and more personal service. Since they have smaller branches, they can make decisions faster and often develop a more personal working relationship with their members.
- More flexibility Credit unions often offer more flexibility than banks when assessing borrowers for loans.
All in all, this article provides a good summary of the benefits of joining a credit union. Click the link above, then pass this article around.
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