Joining a credit union is a big decision, and it should never be taken lightly. As a lot of credit union Parker experts will tell you, however, credit unions might actually be a better idea than joining a bank in the long run, especially if you’re looking to be financially stable and to work with an organization that actually cares about what you need.
- Credit Unions Care About Their Members
Banks might care about offering you good products and a consistent service, but they will essentially run the show themselves and not listen too much to what their clients have to say. A credit union, on the other hand, is much more focused on its clients. In fact, unions are practically run by them, and the word “clients” or “customers” is hardly ever used. Instead, when you join a credit union Parker institution, you become one of its members, and you have equal rights to influencing the decisions being made regardless of how much money you contribute.
- More ATMs and Cheaper Services
Have you ever run into the issue that you want to get money from an ATM but there are none in sight? Maybe you find one at some point, but it belongs to another bank which might charge you a ridiculous fee just for withdrawing a few hundred dollars. With credit unions you won’t have to deal with all of that. Their withdrawal fees are much more affordable, and many of them provide you with the option of withdrawing from a huge number of different ATM machines.
- Better Offers and Rates
There are many financial institutions that can provide you with a car loan or a mortgage as long as you’re eligible. However, in most cases you have to go around comparing rates and turning down offers that are simply too costly in the long run. If you want to be financially responsible and avoid paying back huge interest rates over the next few years and decades, your best option is to get a loan from a credit union. As they are nonprofit organizations, credit unions don’t rely on making huge profits, and are much friendlier when it comes to deciding on lower interest rates and financial products focused on actually improving the lives of people.
- In Line with Modern Technology
Even though credit unions have less financial ability to invest in technology and infrastructure, they mainly focus on remote access to services. As a result, some are actually better equipped than banks in terms of using the most advanced and the newest technology available to the banking industry. In a lot of cases, you can benefit from more secure and stable online access to your money by joining a credit union than by working with a bank.
- Community-Oriented Organizations
While credit unions are not charity organizations, they are still non-profit, community oriented institutions that are focused on providing members with the best services and loans. When you join a credit union, you become part of a community that will have your – and every other member’s – best interest at heart. You will gain benefits that banks are not able to offer their clients because of the taxes they have to pay, and you may even have a say in the way that the union is managed and organized.