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Consider A Credit Union As Your Financial Partner! by Andrew Stratton
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Consider A Credit Union As Your Financial Partner! |
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Business
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A credit union is a type of financial institution that offers deposit accounts and other financial services similar to those offered at traditional banks. One important aspect of credit unions that sets them apart from banks is that all members, regardless of account size, have an equal voting share in the institution. Also, they are non-profit (or not-for-profit) organizations. These organizations, of course, have to maintain a sound budget. But they are not in the business of making a profit. These two differences have translated into a better customer service rating. A credit union may be targeted to a certain group of people, such as for federal or state employees. Still others are available for anyone who wants to join. No matter the type of organization, here are some of the features you will find: Account Types You will find the same types of accounts available at both types of organizations. You will find traditional checking, savings, certificates of deposits and other account types that are available at other institutions. Some may be called different terms, such as a share account instead of a savings account. Many times the interest rates and fee structures are better at credit unions. Online Services Most organizations offer online services today, but some are more robust than others. A credit union usually provides online account management, bill payments, the ability to transfer money or send a secure message, and even pre-qualify for a loan. Also, many have helpful tools such as online calculators. 24-Hour Banking Availability Most institutions provide the ability to deposit or withdraw funds at ATM machines. Your institution should be able to direct you to their machine locations, but most also allow your card to be used at any ATM worldwide. Credit unions are no exception. While they may not be as populous as some larger banking chains, you should have no trouble accessing funds when and where needed. Loans These companies provide many of the same loan products as banks. Many times, the interest rates are slightly lower and vary depending on some of the options you may have for the funds. Whether it's a personal loan, credit card, overdraft protection, or even a mortgage, most have loan officers on staff ready to discuss your needs and come up with a product that is right for you. Service, Service, Service This is the main factor that sets these institutions apart from the traditional bank. Because the members own the company and can vote leadership in or out, more attention is usually paid to customer service. Also, since these institutions are non-profit, they are primarily interested in being good stewards of the money and trust you have placed in them. A credit union is an excellent choice as a financial institution for any size estate. Shop around in your area for the best rates and service! When looking for a Bay City credit union, residents trust Wild Fire Credit Union. Learn more about our services at https://www.wildfirecu.org/.
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