Advantages of Credit Unions
Credit unions are comparable to traditional banks because that both institutions provide financial services to customers. Credit unions hold $1.026 trillion in assets and have 30,000 ATMs spread all over the country. They are typically much smaller than banks, which can result in a more personal touch: The typical bank is approximately double the size of a credit union. Unlike banks, they are nonprofits managed by their members, many of whom volunteer to work as board members, committee members, or in other positions. Here are some of the top advantages of credit unions.
One of the parts where banks make money is the fees. The fees imposed by a credit union are usually lower than that of a bank. Transfer fees are lower, and there are typically no ATM fees charged by the credit union. The overdraft policies are better, because overdraft fees are generally a big source of profits for banks. The lower fees implies that you can save money by using a credit union. Credit unions are great if you want to avoid most banking fees. The fees may involve monthly service fees or loan origination fees. Just make sure that you read the policies and guidelines for the other fees that you may have to pay for. Click here for more info!
Friendliness and Accessibility
Traditional banks can appear cold, formal and even unreachable - and those are the ones that still have bricks-and-mortar locations. It frequently looks like branch managers don't have the authority to make the decisions to assist you, or that the bank itself is so big that it does not matter if they have your business. Credit unions can be more welcoming in atmosphere and tone, and definitely more accessible. This is because being smaller and local means that they can stay connected to their neighborhoods and immediate to respond to feedback. Check out http://www.dictionary.com/browse/loan for more info about loans.
Customer Focused Banking
With traditional banks, the management and board of directors are motivated by profit. Unfortunately, this objective generally contradicts with the desires of its customers, who want to receive low rates, fees, and the best customer service available. In order to offer this level of service, banks must cut their profits, which they most likely do not want to do. Nonetheless, because of the membership structure of a credit union, all members have an equal vote in any decision made by the credit union, and they all work to benefit one another. In a nutshell, member goals do not contrast with "management." Thus, the credit union has more reason to offer low rates, fees, and exemplary customer service, click here to get started!