Why You Should Trust Your Money with a Credit Union over a Bank

Saturday, July 30, 2016, AM | Leave Comment

It is virtually impossible to go through life without putting your money in a bank or credit union.

While a big bank may have more convenient locations throughout the country, there are actually a lot of benefits of using a credit union.

These are the four reasons why you should trust your money with a credit union instead of a big bank.

  1. Better Customer Service

    Since credit unions are strictly located in one area, they take pride in their community and customer service.

    Credit unions have far less customers than banks, so the employees are able to take the time to handle all of your banking needs.

    They will probably even end up remembering your name, which will never happen at a large bank.

  2. No Fees

    Credit unions do not have large overhead expenses that they need to pass down to the customers, so there are usually no fees associated with your account.

    It is virtually impossible to find a bank offering a free checking account without a large minimal balance requirement, but that will never be a problem at a credit union.

    Most credit unions will even reimburse you for any ATM fees incurred at other locations.

  3. Better Interest Rates

    If you are looking to get a loan, then you will get a much lower interest rate from a credit union than a bank.

    A one percent difference in the APR of your loan can potentially save you thousands of dollars of the life of the loan.

    Credit unions also have more flexible borrowing standards, so you will not have to jump through hoops just to purchase a new car.

    In addition to lower loan rates, credits unions are also able to provide higher interest rates on savings accounts.

  4. Cooperative Structure

    You automatically become an owner of a credit union as soon as you open an account and make a deposit.

    This allows you to get a vote when board members are getting elected. You will also be granted dividends from any extra income made by the credit union.

    This cooperative structure also lets credit unions to partner up with credit unions throughout the country to create shared branches.

    Members of TruPartner Credit Union and other similar credit unions can handle all of their banking needs nearly anywhere in the country thanks to the cooperative structure of credit unions.

A nationally recognizable name is the only thing you are getting when choosing a bank. Credit unions simply offer more perks for you banking needs.

If you trust your money with a credit union instead of a bank, then you will be much happier in the long run.

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