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If you are like most people, you probably use a bank for a variety of financial services. From saving your money for a rainy day and using debit cards to access your funds to taking out loans for investments, you probably rely on your bank more than you realize. As banks continue to make more profits, the quality of customer service lessens. Consumers are growing more frustrated with the way financial institutions operate. If you are becoming disillusioned with the way that traditional commercial banks function, you might be looking around for an alternative. Have you ever thought about using a credit union? You have probably heard of these alternative financial institutions, but do you know how a credit union operates? If you are familiar with the services that traditional banks provide, then you already know most the information necessary to understand these credit unions. You can still get a checking account, savings account, and access to other common financial services, including loans, ATM access, and CDs. However, there are a few main differences between these two institutions. The main difference between the commercial banking system and a credit union is that one is a business for profit and the other is not. Commercial banks operate with one sole purpose: to make profit for its shareholders. Many banks will emphasize the importance of security and customer service, but profits are always the sole purpose for a bank's existence. On the other hand, a credit union is not an institution that's built for profit. These institutions are member-based, so there are no shareholders to serve. As a member, you will have equal say in the operations of the organization. Becoming a member is worth it! So, what are some of the main advantages that this financial institution has to offer? The fees at a credit union tend to be significantly lower compared to commercial banks. Many services, such as withdrawals and ATM access, charge no fees at all. You may also find your customer experience to be more pleasant. As a member, you are also a shared owner. The members are relied upon to make all the decisions regarding the organization. Many customers will tell you that the experience of being a member is similar to being a part of a community. You will be able to enjoy more flexibility, intimacy, and an overall better experience. Take a chance, and consider joining a credit union, today! Are you interested in joining a credit union? New Orleans residents can visit our website to learn about our great offers. https://www.noffcu.org/home.
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