What Financial Services do Credit Unions Offer?
If you're looking for financial services, you may want to
consider checking out what your credit union has to offer. Many
credit unions today offer more than just a checking and savings
account, they've expanded into upgraded financial services
tailored to meet many needs.
Credit unions are cooperative banking and financial companies.
They are usually non-profit and cater to a particular group of
people that work or live in the same place, for example. Credit
unions are owned by the accountholders, who also participate in
the management and direction of the company.
Today, credit unions offer more than just checking and savings
accounts, although these low-cost basic accounts are the reason
most people join. Most credit union savings accounts pay
slightly more than their counterparts at for-profit banking
institutions. Credit union checking accounts usually carry less
restrictive requirements and lower fees than those at banks.
Credit unions have expanded into the realm of financial services
as well. Most offer loans for a variety of needs, including
personal loans, automobile loans and mortgage loans. Interest
rates are usually a bit lower than those at other commercial
lenders, and sometimes their qualification requirements are
easier to meet. Before shopping for a automobile, boat,
motorcycle or home improvements, you may want to consider
talking to your credit union. Shopping with a pre-approved,
lower rate loan from your credit union increases your bargaining
power and your buying power. Many credit unions can also write
student loans and signature loans.
In addition to loans, many credit unions offer additional
financial services. These include dividend bearing checking
accounts, which usually carry no fees and pay better interest
than most bank's savings accounts, and higher rate certificates
of deposit. Most now offer low or no-fee access to automated
teller machines and debit cards that can be used almost
anywhere. Credit cards are also available at most credit unions,
with discounted fees and more reasonable interest rates making
them more attractive than national offerings.
Other financial services that you can expect to find at your
credit union include stock brokerage services, mutual funds and
personal financial planning. Some are even offering individual
retirement accounts and insurance coverage. Of course, choosing
someone to help with your financial planning is an important
decision, but consider the helpful folks at the credit union
when you are investigating your options. You may find that not
only are their fees lower, but they offer many of the same types
of products as other financial planners.
Credit unions offer many financial services today, and there is
one out there for almost anyone. Check your local phone
directory or online and you'll most likely find one that you'll
qualify for. Since today's credit unions are federally insured
up to $100,000 by the National Credit Union Administration, your
deposits are safe. When you start looking for financial
services, consider your credit union as well. You'll be
surprised at what they have to offer today.