You will have, or currently do have, a relationship with a financial institution. You may go to your local hometown bank, a large national financial group, or maybe a credit union. Many of the same services will be available at all of the above; however, there a few things that credit unions have to offer that might just appeal to you. As with any financial institution you can have a checking or savings account, get a credit card, a car loan, or a mortgage in Lima, Ohio or any other city where a credit union resides. Benefits of a Credit Union A credit union is a not for profit organization. While banks are answering to stock holders and need to turn a healthy profit, credit unions are working with share holders, or in other words their members. By joining a credit union, you automatically hold a share of the business. The services that are offered are there to complement your membership. A credit union puts any additional money that they earn back into benefits for their members. Here are a few ways that you will see these benefits. • A credit union typically pays a higher yield on your savings accounts when compared to commercial banks. These accounts are also federally insured. • The fees that you pay at a credit union are less, and many items do not have a fee associated with them at all. This is a big difference and a great benefit to you. • Loan rates at a credit union are also generally lower than at a bank. This can save you a great deal of money, especially if it is a larger loan such as a mortgage. • Many banks will not make smaller personal loans any longer. A credit union still does that. It may be just the thing you need to hold yourself over in a specific situation, or just enough to take that family trip. • You can get a credit card at a credit union too. The process may actually be easier. The rates are also generally lower. If you are just starting out, they may also have secured credit cards that allow you to start to build credit, but with a specific lower credit amount. They want to do all they can to provide that service to you as a member. • Credit unions belong to a large ATM network all across the United States. You are able to make withdrawals at locations nationwide, with no additional fee. If you travel this can be a big benefit. • Credit unions are known for their robust web sites. They are able to invest in them for their member's benefit. Not only can you access your accounts and pay bills, but there are many tools available for your use. • Membership in a credit union is a lifetime benefit. You are able to remain a member even if you change jobs or move to another area. They also allow you to invite immediate family members to become part of the credit union, even if they do not fit other criteria. • Credit unions are non-profit, which is one reason that they can offer better rates on loans and savings accounts. Once you are a member, you have an equal voice and can vote for the board of directors. There is more of a family feeling at a credit union. Credit unions have consistently ranked higher in customer satisfaction when compared to banks in Gallop polls commissioned by American Banker Magazine. You will want to look in your area and visit some of these institutions. Check them out for the services they offer including loans and Mortgage in Lima, Ohio, or in your state. Superior Federal Credit Union is a not-for-profit, member-owned financial cooperative. Unlike profit-driven banks and finance companies, our excess earnings are returned to members in the form of friendly service, low interest rates on loans, high yield savings and investment accounts, and low or no fee convenience services. Visit our page on https://www.superiorfcu.com/ to see our page today!
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