However, whether you belong to a credit union or continue to use a bank, there are pros and cons associated with both.
To help make your decision easier, here are some key differences between banks and credit unions.
Easy Eligibility Requirements
While many people think joining a credit union is hard, it is actually very easy. In many cases, you can join if you work for a particular employer, belong to certain churches, or simply live in a particular region.
By getting information from your employer or other sources, you’ll soon find you are eligible for credit union membership. Since many credit union memberships are based on location, you can look at local credit unions within your county or state to narrow down your options.
More Personalized Service
For most credit union members, being able to get personalized service is a big reason why they no longer use banks. Since local credit unions are often much smaller than banks, you can get to know the people who work there, and they in turn can get to know you and your family.
Thus, when you need a loan or other services from a credit union such as the Credit Union of Denver, you’ll be dealing with people you already know.
This can help you feel comfortable and confident as you are working with your loan officer or bank teller since you’ve already built a relationship with them and have come to trust them.
For example, if you go through your credit union for a car loan and you want to get another car or refinance, you’ll likely work with the same loan officer for each loan.
Banks May Offer More Convenience
Although the trend has been changing in recent years, it is still widely accepted that most banks will offer their customers more convenience in terms of completing transactions. Since almost all banks now offer apps that can be downloaded to smartphones, bank customers can conduct most of their banking online, rather than having to go to a brick-and-mortar location as they might need to do with a credit union.
That being said, credit unions are quickly moving to online transactions as well as convenient app use. However, banks can be more convenient with ATMs since they tend to have ATMs at malls or supermarkets.
Credit Unions, on the other hand, typically only have ATMs at their actual locations. This means that you’ll likely have to pay an ATM fee every time you use your Credit Union card on an ATM at the store.
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Finally, many credit union members love the fact that they can have access to numerous resources about how to improve their financial health. In fact, most credit unions regularly offer classes on how to improve credit scores, how to maximize savings accounts, and much more.
If you are wanting to learn more about the best ways to make your money work for you, belonging to a credit union can be the perfect solution.
Though banks are certainly not leaving the landscape anytime soon, credit unions are quickly becoming the financial institution of choice for many people.
By examining your financial situation beforehand, you will know whether a bank or credit union will be best for you and your family.
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