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If you have been storing your money with a traditional bank, you may have become disillusioned for a variety of reasons. Whether you are fed up with unreasonable fees, or you are just not interested in giving your money to for-profit financial institutions, you are probably looking for a viable alternative. A credit union can offer you a safer option for all of your financial needs. These organizations offer many of the same services as banks, but they are not-for profit, and they provide a variety of benefits to their customers. A credit union is a financial institution that is run as a cooperative, meaning its customers pool their money together to provide services and loans to borrowers. Members are stakeholders rather than simply customers. While the main goal of banks is to make money for their stakeholders, the goal of the credit union is to serve its members. Members get the benefit of lower fees and rates, and interest rates are generally higher than rates offered by banks. The members of the organization operate the entity as a democracy, so each member has his or her equal say in the operations of the organization. The services provided by the organization are tailored to its members, and profit is never a motivating factor in the decisions of the entity. Because members have a voting share in the organization's affairs, each member can make sure that the entity's policies and actions are on par with what each member wants. These organizations are also typically local, community based operations, which can mean better service and a friendlier atmosphere. Because they are smaller and their members are all community based, the services are often much more personalized than at larger commercial banks. When going with a credit union, you will find that it offers many of the same services offered by banks. These financial institutions offer checking accounts, savings accounts, loans, and other typical financial services. Many of them have ATMs that are available to their customers. Credit cards, mortgages, auto loans, business loans, and other services are offered to members at much lower rates than traditional banks. When you are considering applying for a loan or starting a savings account, think about joining a credit union rather than becoming another customer at a national bank. With so many benefits, you will be glad you made the choice. Some of these organizations require their members to be involved members of the community, while others simply allow their members to purchase a share to join. Start looking around your local community to discover your options. Are you considering joining a credit union? Slidell, LA locals use: https://www.noffcu.org.
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