Credit unions are financial institutions owned and operated by members as a financial cooperative. Credit unions give their members a lot of advantages. Which is the reason why most individuals looking for a company to borrow from choosing 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 savings, checking, money market, and CD’s have higher rates. This is due to the reason that they focus on serving their members and not to drive up profits. In this article, we will be discussing how to find the best credit union to help you out.
Do thorough research about them. Be equipped with the knowledge of the things they can and cannot offer you.
Find a credit union that will listen 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. It may vary from the community you live in, your employer, occupation, religious institution, 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. A tip is that you may be eligible to join a credit union if your spouse or parent is a member at a specific union.
Find a credit union with great programs in one-stop. The credit union you choose should provide you with auto loans, features a good savings program, offer financial counseling, issues credit and debit cards and can offer you home lending services.
You should find it convenient to transact with the credit union. You should look for a credit union that provides ATM services or a branch network that is local to your area. Having a branch network means that 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. They should also have online and mobile banking services.
Look for a credit union that is insured. This will give you the assurance that they are able to pay you back in case the credit union fails. You can ask the credit union itself or ask your national government that regulates credit unions.
Inquire for the interest rates of different credit unions. By doing so, it is easier for you to identify which credit union offers you the best loan.
Seek advice from your family, co-employees, and friends. You will be ensured that you can also trust the credit union they trust.
Ask the credit union of their 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.
To conclude, make sure that you follow the above-mentioned tips and for sure you will be able to find the best credit union to borrow money from.
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