Advantages of Credit Union over a Bank

At a when time banks seeks profits through various fee structures as it a profit institution, there are several people who are searching for financial institutions that will help them in saving money. One such institution that may help you is your local credit union.

Although credit union is similar to the traditional banks as both provides financial services to the customers but credit union is a non-profit institution. Also, credit union is member-focused institution. It is owned and operated by its members.

Various Advantages of Credit Union

Interest Rates

Credit union provides high interest rates to its customers as compare to traditional banks.

Lower Fees

Credit union has lower fees as compare to national banks. It also offers checking accounts with no minimum balance and provides better account opening system.

Better Service

Credit union provides better services as it has small branches. So, they can afford fast and personal service.

Customer Service

Credit union provides high level customer services as credit union is a non-profit organization, so, customers are less likely to face aggressive sales tactics.

Fewer Complications

Credit union avails simple and easy-to-follow terms. Many traditional banks come with loads of rules and provisions.

Lower Loan & Credit Card Rates

Credit union provides same services and products as many traditional banks provides but at a cheaper rate. Credit union provides relatively low mortgages, personal loans and credit cards.

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