There are a range of financial institutions that you may consider one of them being credit unions, so you have to decide whether to choose an OKC credit union or bank. Here are five reasons why you should choose the former:
Profits for members gain
One of the fundamentals of a bank is that it is run for profit, whereas a credit union is created for the benefit of the members and answers to no one other than them. Banks seek to make their profits off of customers like you while keeping their interest rates competitive. It is simply a question of which banking organization you choose.
Lower fees and innovative products
Since a credit union is run by members of your community and with money from the members, you are assured of the fees for services being much lower than that of banks. Profits made by the credit union are channeled into the organization, which uses the money to make services even more accessible. Banking institutions on the other hand have to worry about massive overheads, advertising to attract customers and profit margins for their management.
Easier loans and credit from OKC credit unions
Why choose an OKC credit union over an OKC bank? Because it is easier to get a loan or be approved for a credit card. With the banking world becoming more complex, credit unions are constantly working on simplifying the process of securing a loan. Their eligibility criteria are easier to achieve than the average banking institution. They have long since been a form of loan procurement for the salaried class. The rate of interest on credit cards issued by such credit unions too is cheaper making it financially viable to have a credit card for those emergencies.
Since the year 2009, over 1.2 million people have joined the credit union banking system making it a solid form of personal investment. Thanks to the CO-OP Network, ATM access is simple as there are thousands of surcharge free ATMs you may access, and most of them accept deposits as well. There is also several surveys to prove the efficacy as well as the trustworthiness of these credit union banks. In fact, it is official that credit unions have surpassed banks in terms of performance. Personal savings, thanks to credit union banks today, run in the billions, which is more than most banking institutions can claim.
Today, the latest in terms of online banking safety measures, finance tools such as mobile banking, etc. are available with credit unions making them an ideal and safe means for most people to carryout their banking requirements.
One of the key features of a credit union is that they bring about a level of humanness to all their transactions. Everyone is on an equal footing, and the services are delivered in a caring environment. Financial wellness is the goal with credit unions.