A credit union is a nonprofit-making money cooperative whose members can borrow from pooled deposits at low-interest rates. Credit unions offer many benefits to their members. That is why most personal lenders prefer to borrow from them. One benefit is that they offer credit cards, home equity loans, mortgages, auto loans, and personal loans at a lower rate than banks. While their CD’s, money market, checking and savings have higher rates. This is due to the fact that they do not aim in driving up their profits but on serving their members to the best of their abilities. In this article, we will be discussing how to find the best credit union to help you out.
Do thorough research about them. Find out whether they can really help you out with your problem.
Look for a credit union that is always willing to attend to your concerns. You can identify a credit union that values their customers by looking through their comments and review section from their website.
Check out their member eligibility list. This may differ from your employer, religious institution, occupation, the community you live in, or membership to a fraternal organization. Make sure to do this in the early process of your hunt in order to save you the hassle in applying for credit unions you are not eligible. In addition, you may be eligible to join a credit union if your spouse or parent is a member of that union.
Look for a one-stop type of credit union. They should offer you home lending services, issue credit, and debit cards, provide auto loans, feature a good savings program, and offer financial counseling.
Choose a convenient credit union. They should have a branch network or ATM services. With a shared branch network, you can go to any of the member credit union locations to access your account. If the credit union has ATM services, you can easily deposit or withdraw money at different ATMs even if they aren’t specific to your credit union. It is also better to choose a credit union that has an online and mobile banking services.
Find an insured credit union. Thus, you will be ensured that you will be paid back in case the credit union goes bankrupt. You can ask the credit union itself or ask your national government that regulates credit unions.
Canvass for the interest rates of different credit unions. If you do this, you can easily shortlist those that can offer you the best loan at a lower rate.
Seek advice from your family, co-employees, and friends. You will be ensured that you can also trust the credit union they trust.
Ask them about their complete fee schedule. The type of fees may vary from an account opening fee, check writing fee, monthly maintenance fees, minimum balance fees, online or mobile banking fees, bill payment fees, transfer fees, overdraft fees, etc.
In conclusion, finding the best credit union is not that hard when you are patient with your search and follow through the tips provided.
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