If you are frustrating by the corporate banking system in the United States, you are not alone. People all over the country have become disillusioned by the traditional financial system in America. Many banks are driven by corporate interests, and are more concerned about putting money into the pockets of its shareholders than providing quality service to its customers. If you still want the services and convenience provided by banks, but you don't want to deal with the pitfalls of the traditional banking system, there is an alternative. |
Credit unions offer the same services that banks offer. They offer checking accounts, savings accounts, loans, and other financial services like CDs. Because banks are for-profit businesses, they are essentially concerned with making profits for their shareholders more than anything else. Managing these profits can many times get in the way of anything else, including convenience for the customer. With credit unions, the customers are the owners. The decisions made by the members are mutually beneficial to each other and the wellbeing of the organization at-large.
Because banks are driven by profits, making money is the first goal of these financial institutions. While they may claim otherwise, arguing that customer service is their top priority, larger corporate banks are likely more concerned about making the most possible profits. Credit unions are non-profit, meaning they inherently cannot make a profit. Non-profits do not need to earn more profits to survive, and there is no pressure from stockholders to make money from the customers, as the customers are the owners.
From a personal financial standpoint, credit unions can help you save money. Banks charge fees for all kinds of services. Most banks make having a minimum balance a necessity. If your balance does not meet this minimum, you will be charged fees. Credit unions typically completely eliminate these costly fees. Their accounts are usually free. Plus, the interest rates on savings accounts and even checking accounts are much higher than banks, which can help you to make much more money in the long run.
While the bank system is troubled, these alternate financial institutions offer a variety of benefits. Whether you are looking to start a new savings account, or you are interested in taking out a loan for a home, car, or business, there is a different way to obtain the financial services that you need. Each of these institutions is different, so learning about the options in your area will require a bit of research. To learn more, simply schedule an appointment at a few branch locations in your area to sit down and discuss your options.
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