Big banks love to charge big fees—$5 here, $3 there, a $10 transfer fee here. Over the course of a month, these fees add up, sometimes making the difference between a fun weekend road trip or dinner date and eating at home watching reruns.
One advantage local credit unions have over big banks is that many have ditched the big bank/big fee model for making money. If your big bank isn’t meeting your needs, there are a number of ways that credit unions can provide better financial help.
When you make a deposit in a credit union, you become part of a co-op of customer-owners. Because they’re not obligated to shareholders, their job is to make you money and serve you as both a customer and an owner.
Because credit unions aren’t beholden to a board of directors or shareholders, they serve their owner-customers, namely you. This means they can provide lower borrowing rates on loans and appreciation rates on savings.
Most credit unions operate within a specific city, municipality, or state region. Because of this, it’s easier to talk to decision makers and managers about those loan applications. It also means that the people they employ are more likely to be your friends and neighbors.
One big fear from many big bank customers switching to credit unions is that they aren’t insured by the FDIC—hence your cash isn’t insured. But the National Credit Union Administration still maintains insurance for all CUs. Your cash is in safe hands with an NCUA member.
From ATM fees to wire transfers, credit unions have fewer fees. Not only is this good from a purely customer service standpoint, it saves you from the death by a thousand cuts that come from conventional bank fees.
From fewer fees and better rates for your finances to federal deposit insurance, credit unions provide an outstanding banking experience. If you’re looking for a new way to bank, check out a local Utah credit union. Not only are they the same people in your home community, they’re looking out for your interests too.
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