Do you want to save more money? Nowadays, more and more people are looking to other financial institutions for guidance to help them save money. One of these types of institutions is a credit union. Credit unions offer several financial products and services that help members maximize their incomes and boost their savings. Sounds like a bank? Well, here are a few reasons why credit unions beat banks.
But First, What is a Credit Union?
Credit unions are like banks in that they provide a wide variety of financial products and services such as accepting deposits and giving loans. What distinguishes credit unions from banks is that they are not-for-profit organizations and are owned by its members, unlike banks which are owned by a small group of individuals.
Why Credit Unions Beat Banks:
They Offer Higher Interest Rates
Since credit unions function as not-for-profits, they are able to offer higher interest rates on savings and checking accounts. Often Credit Unions are therefore able offer interest rates that are significantly superior to the average commercial bank.
Service is one of the most recognized areas in which Credit Unions have beat Banks. Credit unions have their members’ interests at heart. All members have an equal vote in all decisions the credit union makes. Therefore, every decision made is for the benefit of the members, unlike in banks where the goal of the board of directors and management is to make as much money as possible – which technically contradicts the interests of their customers.
Easier Borrowing and Lower Rates
Credit unions are generally more willing and more flexible when it comes to loaning you money. If you’ve been turned down by a bank (or a couple of banks), your local credit union is the best place to try again. Credit Unions are willing to work with you to a greater degree when giving out loans, even if you have a troubled financial past. This is perfect for first-time borrowers – particularly young members – who have very little credit history. On top of that, the interest rates you’ll experience at a credit union are frequently noticeably better than banks.
Passionate Leadership and Community Engagement
A volunteer board of directors run Credit Unions, operating with their members’ and community’s best interests in mind. In stark contrast, the paid directors in place at banks are definitely most interested in turning a profit. On top of this, Banks often serve areas spread out over states and even countries, with large corporate programs preventing them from really digging into their community. Credit Unions strictly maintain and enforce service areas that allow them to engage in their communities to an extreme level. We flourish when our members flourish.
Easy Access to Your Cash
Big banks advertise the many locations of their ATMs. However, most credit unions have come together to provide the same easy access to your money through a network of ATMs. Additionally, many credit unions offer surcharge-free cash machines.
Still not convinced? Eastex Credit Union was established with people who work for a living, who keep saving and borrowing in mind. We offer a wide range of products and services including mortgage loans, car loans, savings accounts, mobile banking and electronic transfers, just to name a few.
As a member of Eastex Credit Union, you will have a voice in the operation of this institution. If you’re dealing with financial troubles, we care, and can help. We recognize that your financial health is the most important thing. Contact us today or come in and talk to us at one of our locations to discuss starting you on the path to financial freedom.