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The question of whether to use credit unions or banks has been asked by American consumers for decades. It appears, however, that the answer is a bit more clear cut today than it has been in years past. In today's unstable economy, credit unions simply blow banks out of the water when it comes to the benefits that both institutions provide for their clients. Here are some of the major advantages of using the former. Credit unions are not-for-profits that are actually owned by their members. Because of this, they pass on savings and deals to their membership rather than trying to make a buck. Also, these establishments pool together their buying power to offer low interest rate loans and other perks. Automobile loans, for example, have been known to be two percent lower than at traditional banks because of this buying power. Another great thing about these unique institutions is that they actually care about their members' financial well-being. Because of this, they provide regular free workshops dealing with money management, saving, investing, budgeting, and home buying. They even offer free personal financial counseling to keep their members on track. These institutions are known to look out for the little guy. An example of this is that they actually provide checking accounts to people who have been turned down by traditional banks. The only caveat is that the person or couple seeking out the account is expected to attend a six hour seminar on money management and budgeting. Not only do credit unions offer lower rates on loans for everything from automobiles to home equity lines of credit than banks do, but they are also a lot easier to work with. If you happen to fall behind on a loan, you can usually renegotiate the loan in one simple telephone call. There are no obnoxious registration forms or awkward face-to-face meetings. Just one call gets delinquent borrowers back on track. Along with the traditional benefits of low cost banking, you can also expect a variety of fun, life enhancing benefits from these lending institutions. For example, there are countless branches that offer discounted amusement park tickets, discounted sporting event tickets, discounts on tax preparation software, and discounts on travel related items such as car rentals, airfare, and hotel stays. The perks do not end with life enhancers. You can also expect cash-back rebates on checking accounts and savings accounts as well as loans. Along with that, these lending institutions also provide perks like higher interest rates for your first five hundred dollars deposited in checking or savings accounts. Another great characteristic that credit unions have is that they are predominantly family oriented. These institutions tend to offer services for every member of the family. Whether you have a child that wants to open their first savings account, you need a flexible checking account that works for you, or you are in the market for a retirement product, you can find them here. Along with that, you can even find life insurance policies, health insurance, and a bevy of other benefits that traditional banks simply cannot offer. Credit unions beat banks nine out of ten times. Bankers in Saginaw, MI can learn more here: https://www.wildfirecu.org.
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