Whether you have plans to open a new checking or savings account, apply for a loan or complete other banking activities, you may be comparing financial institutions to find the right one to work with. You may be comparing interest rates, fees, online services and more so that you can enjoy the best overall experience that satisfies your needs. While there are many national, regional and local banks that you may consider working with, a credit union may be a better option for a number of reasons. With closer review of what you can expect from credit unions, you will see why this is a great option for you to consider.
Competitive Rates and Fees
Some people avoid banking with a credit union because they believe they will not qualify for membership. Most do have specific criteria for membership. However, there are a wide range of credit unions, and some may only have the requirement that you live in a certain area or that you work in a specific field. With this in mind, you may qualify for membership with more financial institutions than you initially think. This may allow you to qualify for the very competitive interest rates and fees that credit unions are known for. Whether you want a high rate of return on a savings account or a low rate for an auto loan, you may be hard-pressed to find a financial institution that beats the rates charged by a credit union.
Personalized, Attentive Service
Another great benefit that you can enjoy when you bank with credit unions is personalized, attentive service. Even in the largest cities, you can expect a small town level of friendly service at most credit unions, and many reps even develop great one-on-one relationships with customers. These are smaller institutions in most cases, although some have several branches or more. This small business environment allows individuals to more easily get the attention they need for urgent matters and other specialized needs.
Great Online Features and Benefits
Another beneficial feature that you can enjoy through banking with a credit union is access to online features and services. These vary from institution to institution, but many have developed an extensive website to serve you during non-business hours, and many also have developed an app to further facilitate the banking experience. You do not necessarily need to work with a large institution to benefit from online services.
Many people who bank with a credit union have been doing so for years because they love the experience. If you have never banked with credit unions in the past, you may consider trying it out today to experience the difference this type of institution can provide. You could potentially find more information at WFCU Credit Union,which has additional resources available on their website.