With the rising cost of fees at many banks across the United States, more and more customers are switching to credit unions for their financial needs. At the present time there are more than 7,000 of these alternative-banking establishments across the nation. Many individuals turn their attention to what these organizations have to offer because they are tired of paying high fees on everything from debit transactions to monthly fees. |
The thought of credit unions may seem appealing, especially if your bank is getting ready to increase its fees. Before you transfer your money, there are some important things that you should think about. This is a big decision and one you should not make until you know all of the facts.
The first thing you need to know about these financial institutions is that they serve customers according to specific criteria. It may relate to an organization or association you are a member of, or where you live or work. Find a place that you will be able to satisfy the eligibility requirements for. Find out what they require before you apply to join.
There are websites that can provide resources for locating credit unions in your community. Go online and do a search for these. It is always beneficial to start your search from the comfort of your home or office.
Once you have a list of locations in your community, compare their fees and rates to the bank you house your money with, as well as other banks in the area. You may be pleased to discover that you would save a great deal of money annually if you transferred your money to an alternative location to improve the service you receive and to decrease the rates you pay.
Find out about such services as free checking and debit cards. The majority of credit unions (approximately 80 percent) offer their members free checking accounts. In the same vein, roughly 70 percent have debit cards programs that have little to no fees associated with them.
Before you definitively decide to join, check to see if the financial institution has all of the products and services you are interested in. Most of these establishments are able to offer their members all of the same products that banks do. They have checking and savings accounts, credit cards, mortgages, lines of credit, home equity lines, small business loans, automobile loans, personal loans, and IRA's (Individual Retirement Accounts).
Convenience should factor into the final decision about which establishment you decide to safeguard your money with. Credit unions tend to not have as many branches as their banking counterparts, but many share branch facilities. These shared branch networks can be beneficial for members. Many of these financial organizations are also a part of larger nationwide ATM networks, which can come in handy for members when they need money right away.
Are you considering storing your money at credit unions in Grand Blanc MI? For your financial needs try https://www.financialplusfcu.org.
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