A credit union is a nonprofit-making money cooperative whose members can borrow from pooled deposits at low-interest rates. Credit unions give their members many advantages. Which is the reason why majority of personal lenders prefer to seek their help. One benefit is that they offer credit cards, home equity loans, mortgages, auto loans, and personal loans at a lower rate than banks. While they offer their checking, savings, CD’s and money market at higher rates. This is because credit unions are not focused on driving up profits but on serving their members. In this article, we will be discussing how to find the best credit union to help you out.
You should research more about credit unions. Find out whether they can really help you out with your problem.
Look for a credit union that is always willing to attend to your concerns. You can check out the comments and review section from their website whether they have responded to customer queries and even complaints.
Find out their requirements for member eligibility. This may differ from your employer, religious institution, occupation, the community you live in, or membership to a fraternal organization. Make sure to do this in the early process of your hunt in order to save you the hassle in applying for credit unions you are not eligible. In addition, you may be eligible to join a credit union if your spouse or parent is a member of that union.
Look for a one-stop type of credit union. You should be offered financial counseling, home lending services, provide you with auto loans, feature a good savings program, and issue credit and debit cards.
Choose a convenient credit union. They should have a branch network or ATM services. A shared branch network allows you to go to any of the member credit union locations to access your account. If the credit union has ATM services, you can easily deposit or withdraw money at different ATMs even if they aren’t specific to your credit union. Make sure also that they have online and mobile banking services.
Find an insured credit union. Thus, you will be ensured that you will be paid back in case the credit union goes bankrupt. You can ask the credit union itself or ask your national government that regulates credit unions.
Inquire for the interest rates of different credit unions. If you do this, you can easily shortlist those that can offer you the best loan at a lower rate.
Seek advice from your family, co-employees, and friends. You will be ensured that you can also trust the credit union they trust.
You should find out their complete fee schedule. The fees may differ from bill payment fees, account opening fee, check writing fee, minimum balance fees, online or mobile banking fees, transfer fees, overdraft fees, monthly maintenance fees, etc.