Major Differences between Credit Unions and Banks

In the world of financial services, the two known names are banks and credit unions. Both of them offer almost same services. The major difference lies between their goals. Bank has a predefined goal of attaining a target profit amount but credit union is not working with same target. Credit unions are nonprofit organizations because there are no shareholders behind them. Moreover, there in credit union each member is having its own space and value. 

One major thing that make everyone love these credit unions is that they avail loans easily and instantly to its members. Yes that’s true instant work is loved by everyone. For availing a loan from credit union you just need to be member of the union and rest a set of your identifications. Whereas in banks, you may have to face embarrassment while getting your credits checked and following a huge number of terms and conditions. With all this I experienced an advantage of cheap credit. They also act as a family unit that takes care of its members. Loans are given on trust and there are no credit checks. In case of banks, there will be a thorough check of your credits. 

Money transaction earlier was a big deal for everyone and it was very hectic for anyone going regularly to banks and withdrawing money day after day. ATM made life so easy. Anyone from any age group can avail this facility and be really at ease. Not only banks almost our friendly credit unions also provide us with the same service. ATM is one of the best solutions of credit union that it endows to its members. ATM is used maximum for making some urgent deposits, withdraw cash or sometimes to check balance. Credit unions campaigns strive hard for making it as much as bother free for its members. Along with this also they also ensure that it is cost effective and you get rebates in return of any out of network ATM surcharges. This is the second most advantageous review I experienced about credit unions. 

If you feel that you need to learn managing your accounts then you must opt for credit unions. They teach you use of credit cards, balance transfers with each and every thing required all gleaming things you need to learn. Also, they help you in attaining in getting a perfect budget by attaining cheap credits that too with simplicity.

Why People Turning to Credit Union

Credit union is member-owned financial institution that provides financial services as other banks are offering. These days’ credit unions are becoming more financially attractive alternative than other financial institutions. To open a financial account people have to be an affiliate of a credit union. There are many benefits when you become a member of any credit union as compared to other local banks. If anyone wants to become a member of credit union, it should be inside the credit union’s “common bond".  In the common bond, people find something common in their existing members who are working or living in the same place such as same association, church or trade union. Credit union takes care of the money in a way that if people are not able to save their money or have poor credit records, the credit union offers low-cost and flexible financial services to their members. It is a fact that Credit union is controlled by their members and this is probably a very strong reason for people to turn towards credit unions. 

Some good points why people are choosing credit unions:
Most of people have irregular income and credit union welcomes unbalanced savers.

• As Credit unions are non-profitable organizations, all earnings are used to make interest for people and returns attractive profit to their customers.

• Savers can save as they like such as weekly, monthly, yearly and also they can pay at local shops or collection points, or direct from their earnings whichever is suitable for them.

• Credit unions always try to satisfy their customers, members and anyone who saves before taking out a loan with a credit union.

• It is such an amazing thing that the interest on a loan is limited to 1% per month and members can also get free life insurance in a credit union.

• Credit union offers deposit accounts and the most reliable investment bonds, such as government bonds.

• As compared to other banks, credit union is normally friendlier and better suited according to your desire.
  

Most of the companies and agencies create business and marketing solutions for credit unions. In all Thirdstream is credit union marketing agency that helps in building software and marketing solutions for credit unions. Credit union marketer thinks bigger and pushes the innovation envelope. Thirdstream created an account opening tool and online loan application for credit union members.





Gets more information about Credit union marketing strategies from our website (www.thirdstream.ca).

Easy Credit from Credit Union

Credit unions were trusted by minority of the general population in the past few years. But now a days it is possible for almost anyone to become a democratic member of this member owned financial cooperative.  Credit unions are now presenting themselves in more professional and developed manner.  Using various credit union web design and credit union solutions they are striving hard. They are community-oriented and consider themselves as of higher moral ground.

Credit union differs a lot from any other financial institutions in many ways.  First of all those having their account in the credit unions are themselves members of credit union and the board of directors is elected by one person one vote system.

Getting yourself into membership of credit unions marketing strategies is really good idea but you have to be a little aware. After that you can easily go for the benefits they provide you. Most important thing is that these unions are nonprofit organizations; they provide you with much lesser interest rates than banks. Not only this with lower rates on loans they give you high interest rate on savings account, isn’t that great.

Besides the rates, the credit cards issued by most of the credit unions issues credit card without any annual card fees and that too with lesser rates. Also, these unions do not pounce you on the late payments and behave friendly and understanding. Whereas in banks you are charge an annual fees on the credit card account. One better thing is that they do not even charge you for the ATM or if they do so they refund you after certain amount of time.  ATM users will realize a huge saving from this mean.

Banks and all other financial institutes are just attached to the goal of maximizing their profits. Whereas credit unions behave differently. Being non-profit organization their main motto is to keep you comfortable and happy, as you are also a part of their organization. Banks are also determined to ensure a profitable return on any kind of investments while they avail you loans but for credit unions your presence matters.

Credit unions make you feel special by giving you more attention than any financial institution. This is probably due to their small area of presence and fewer members.