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In today's unpredictable banking marketplace, people are looking elsewhere for ways to save, organize, and grow their finances. Since the economic collapse of 2012, people have increasingly looked to credit unions as a way they can make the most of their savings without dealing with as many risks. These institutions offer a number of key advantages to their members. If you're looking for an alternative to banks, it's time to see for yourself just what advantages credit unions offer. These institutions are not for-profit businesses. While banks operate on profit and usually look to charge interest and fees whenever possible to be successful, it's easy to see why a non-profit banking institution could be better for customers. In fact, there are no customers at these institutions. Instead, anyone who chooses to open an account or take out a loan does so by becoming a member. As a member, you'll benefit from lower fees and lower rates, and that will allow you to save more. Because they compete with banks, credit unions have developed ways of providing the modern conveniences members expect. One advantage typically touted by banks is their network of ATMs. However, non-profit institutions often work with ATM companies that have established extensive networks to allow members access to their accounts. As a result, they're able to offer the same flexibility and convenience that some of the nation's largest banks provide. Credit unions also provide checking accounts, savings accounts, credit cards, business and home loans, and everything else you need to manage your finances and plan for the future. However, their credit cards and loans are often more lucrative. Credit cards usually have exceptionally low APR rates, and these rates are less likely to fluctuate as they do with banks. When you become a member at one of these institutions, you also typically don't have to deal with fee structures that have become so commonplace at major banking companies. If you're tired of hidden fees showing up on your statements, a more straightforward system might be to your liking. Whether you're comparing different credit unions and looking to find the best option or you're thinking of switching from a bank, each non-profit institution will vary its services and offerings. It's always good to have options, and today’s business owners, homebuyers, and money savers are lucky to have so many strong institutions available to choose from. Visit one in your area to discuss the specific services available and determine if it's the right one for you. Some operate on a very small, local scale, while others operate in larger regions of the country. There are pros and cons to larger and smaller ones, and you'll want to decide which is best for you. Is it time to try a different kind of banking? Read more about credit unions in Grand Rapids MI at: http://www.communitywestcu.org
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