Why,Should,Switch,From,Bank,Cr business, insurance Why Should I Switch From a Bank to a Credit Union?
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Where should you keep your money, in a bank or a credit union? Many consumers are asking themselves this exact question, especially in light of the onslaught of banking calamities that have occurred over the last few years. People work hard for their money and they want to make sure it is safe and not nickel and dimed away. Unfortunately, the banking industry has proven that they may not be the best financial institution to place our cash. Here are some reasons to switch from a traditional bank to a credit union:- Membership rather than customer-ship: Did you know that CUs are owned by the membership? Thats right. There are no high-on-the-hog CEOs to blow through the profits. In fact, there are no profits per se. Traditional banks are for profit but your local CU is not. It is a non-profit organization which is owned by the members. Each person that deposits money there must apply to become a card carrying member of that financial community. Everyone pools their funds in order to help themselves as well as their neighbors. Segments of society such as places of employment, labor unions or occupational groups such as teachers join together to charter their very own financial community.- Lower interest rates on loans: Do a bit of comparison shopping for different types of loans such as VISA cards, automobiles, home equity loans or other types and you will see a big difference in interest rates. Members reap huge awards for banding together in terms of lower costs to acquire loaned cash amounts.- Fewer fees: If you are an account holder at your local mega-bank, you will most likely be only too familiar with the miscellaneous fees that are subtracted from your savings and checking accounts. A dollar or ten here and there and everywhere until you wonder what happened to the hefty balance you had deposited. ATM fees, check writing costs, early payoff fee requirements, the list goes on and on. At a non-profit cooperative CU, the only costs charged are those necessary to sustain the organization.- Safely federally insured: The cash stashed in a credit unions account is safe because it is covered by a federal guarantee. The National Credit Union Administration (or NCUA) protects the money you have in a credit union account up to $250,000, just like the FDIC protects the money in a bank account. With all the banks closing their doors these days, its comforting to know that CUs are safe.- Long history: These financial organizations began in Germany in the 1800s. They were designed to support the average working folks and to stave off the loan sharks. This is still true today. The first credit union was established in the U.S.A. back in the early 1900s and these organizations continue to grow in popularity.If a consumer has any doubt about transferring their funds over from a bank to a credit union, they should do a bit of comparing and contrasting. They will be convinced to make the shift.
Why,Should,Switch,From,Bank,Cr