Many people in the younger generations don’t seem to take advantage of credit unions or even maybe know what they do. We’d like to take the time to let some of our audience know how great credit unions can be.
- Credit Unions will more than likely have superior service to banks. Credit unions are mostly locally ran like Mid Illini Credit Union in Bloomington, IL. They tend to have less members per location than a bank would. This usually allows for better customer service. You will probably be more satisfied with a credit union than a bank.
- Better deals on what matters – interest rates. Because credit unions operate as non-for-profits, they are able to offer much better savings rates on your accounts and lower interest rates on loans or credit cards.
- Less rules on accounts. Generally, most credit unions don’t have minimum balance requirements and less strings attached that add on more fees. This is a very nice benefit that people like about credit unions.
- Not only are there less fees, they are usually cheaper than banks. If you have trouble with fees at your regular bank because you have trouble keeping up with their rules , you might want to try the switch to save some unnecessary costs!
- Shared ATMs/Branches and waiving ATM fees. A big benefit of banks is that it can be very convenient to find an ATM. Credit unions are working on joining up with eachother to match this convenience. Some credit unions also will cover the ATM fee of a bank’s ATM.
There you have it! There’s a lot of sweet pros to joining a credit union. Obviously they have their cons as well, which we will be talking about next post!