What Benefits do Credit Unions Offer?
Frequently misunderstood as exclusive – and perhaps elusive – organizations, today’s credit unions provide an impressive array of services and offer many benefits. If you’re wondering whether credit unions are better than banks for your financial situation, this list of benefits may help you decide.
Do you want to feel like more than an account number? Since credit unions often serve a specific group or region, credit unions can seamlessly offer more personalized attention. It’s hard to put a price on developing a working relationship with a trusted financial professional – and customizable service is something that big-name banks can’t always offer.
One of the main benefits of credit union membership is that credit unions are member-owned. The goal of a credit union is to provide financial services at a reasonable cost – not charge members with fees. This gives them flexibility to decide how much they want to charge for their products and services.
Better Rates Across Product Lines
Since credit unions are not-for-profit organizations, they pass their financial benefits on to their members. In contrast, banks need to turn a profit for owners, so they’re less likely to provide financial incentives to customers.
You’ll first notice this advantage in the form of significantly higher interest rates on deposit accounts, such as money market, checking and savings accounts – even certificates. Credit unions also offer the same financial products as banks – including mortgages, personal loans, car loans and credit cards. But at credit unions, you’ll find comparatively lower annual percentage rates.
If you’re looking to save on fees, you should definitely consider a credit union. With a variety of accounts requiring no minimum balance or monthly service charge, you can experience significant savings when you choose a credit union.
Credit unions offer more free checking account options than banks do, often with fewer restrictions, obligations and complications. You might recognize savings with other fees, such as overdraft and bounced check fees. While you’ll still be obligated to pay a fee for these services as a credit union member, you’ll likely pay less than you would as a bank customer.
As a member-owned, not-for-profit financial cooperative, Robins Financial is committed to our members. Our fundamental responsibility is to actively serve people within our field of membership, and as appropriate, the communities in which they live. All members will be treated with respect and dignity and we will offer honest, fair service at all times. The value of membership will continually be demonstrated in all facets of operations at Robins Financial Credit Union.