Ever wanted to join a credit union? Don’t know what a credit union can do for you?
Let’s start with a brief overview…
Credit unions are the financial world’s best-kept secret. There are 217 million credit union members spread out over 57 thousand credit unions in 105 countries.
These member-owned, not-for-profit financial cooperatives provide a number of financial services to members. Credit union membership is based on commonality. Members belonging to a specific, community, organization, religion or employer are able to join a credit union.
Read on for four reasons to join today!
Member-Owned, Not-for-Profit Financial Institution
The not-for-profit structure of these cooperatives means that any net income is used to benefit the credit union member. Members will see lower interest rates on loans, higher interest rates on savings accounts, dividends, or new product and service development at the credit union.
And, almost all credit unions have unpaid, volunteers as that make up their board of directors, unlike other financial institutions whose directors and shareholders benefit from the profits made.
Low Rates on Loans
Credit unions offer substantially lower loan rates compared to banks especially when it comes to car loans. According to an SNL Financial, Inc. December 2015 study, the interest rate for a new car loan (48 months) at a credit union is 2.58% in contrast to 4.62% at a bank. For used car loans (48 months) credit unions offer 2.78% interest in comparison to 5.16% with banks.
Little to No Banking Fees
In terms of banking fees, you’ll probably find little to no fees at credit unions in contrast to their counterparts. Whether it’s checking account fees, foreign ATM fees, or penalty fees, at a credit union they will likely be lower or not there at all.
Highly Rated Member Service
Credit unions are known for their member service. “Credit unions are among the highest-rated services we’ve ever evaluated, with 93% of their customers highly satisfied, on average, vs. 69% for the four biggest national banks,” said Jeff Blyskal of Consumer Reports.
Credit unions are also highly rated in terms of trust in comparison to big banks. According to Temkin’s Trust Rating Scale, credit unions scored 80%, while the highest rated bank (TD Bank) only scored 66%.
How can you join a credit union?
Find a credit union near you that can offer you these perks and more by visiting www.bankingyoucantrust.com and search for one by zip code.