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Credit unions are often misunderstood. Many people think they are exclusive establishments that are off limits to the general public or have special rules for banking. Though sometimes it can be difficult to get accepted to bank at a credit union, many simply require that you have a relationship with another member. Credit unions, for the most part, give their customers the same experience as traditional banks, expect for a few perks. Here are a few benefits of choosing a credit union over a traditional bank: Lower Interest Rates Credit unions are non-profit and do not pay federal taxes. This means they save a lot of money and don't have to charge customers high interest rates to please shareholders. Therefore, they can offer much lower interest rates than traditional banks. Personal loans, car loans and home mortgage loans all carry lower interest rates. Depending on the size of the loan, you may be able to save thousands of dollars. Lower Fees There are no shareholders to please with higher profit margins. The customers are the owners at credit unions. Decisions are made to benefit everyone, which means there aren't a lot of excessive fees. Not only will you pay less for the fees you are charged, but in general, you will also be charged for fewer fees. The overall cost of banking at a credit union is significantly lower by the month. Higher Savings Rates When you choose to invest your money at a credit union, you can also expect to get back a higher return. Savings accounts, money market accounts and other interest-bearing accounts typically yield higher interest rates than the same accounts at a traditional bank. You can earn significantly more with accounts at a credit union, depending on how much you are saving or investing. Better Service Many credit union customers feel like they are treated as team players and are empowered with information. Plus, they aren't faced with constant solicitations for products, since the credit union is not concerned with driving high profits. Overall, customers report a more satisfying banking experience with a credit union than with a traditional bank. Ultimately, where you bank is a personal decision. You may simply prefer the convenience of a particular bank near your home. However, there are many benefits to banking with credit unions, and if you give them a try, you may just discover that you prefer their service, instead of the offers from traditional banks. Interested in learning more about credit unions in Saginaw, MI? Visit our site to for more information. https://www.wildfirecu.org.
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