Choosing a credit union or bank is a big decision to undertake, and choosing a facility that meets your needs in East Texas is no exception. While there are many benefits to choosing a credit union vs bank, there are still questions that must be addressed in order to become a member of a credit union that is right for you and your family’s financial goals. In addition to selecting a credit union that provides a high level of customer service, you also want to find comparative data for fees and savings rates to ensure you’re making a good decision.
Make the Decision of Credit Union vs Bank
Credit Unions provide unique benefits for its members that aren’t available in traditional banks. For starters, the main distinction between the two financial institutions is that credit unions are owned by its members, generally making the member benefits and rates a lot nicer than the ones you’d receive at a bank.
Some of the benefits you might notice when comparing an Evadale credit union, for example, to one of its bank counterparts may be:
- More competitive rates
- Better member benefits
- Larger ATM network (oftentimes with no fees!)
Research the Services Offered
Even if you are not looking to purchase a new home or vehicle immediately, it’s a good idea to be aware of the services offered within your chosen credit union so you can know what your options look like in the years ahead. Typically, rates are much more member-friendly than the ones you can find at the larger banks, so when you’re ready to apply for a loan, you know you’ll be taken care of.
If online or mobile banking in East Texas is important to you, ensure that the credit union has a reliable and member-friendly interface for you to do your paperless banking on the go.
Another benefit that is often overlooked is to investigate their ATM network – look for institutions like Eastex Credit Union that are members of larger credit union ATM networks that allow for fee-less use of any participating credit union ATMs. See below for more
Evaluate the Community Impact
One of the greatest things about a credit union is that they are directly invested in the community. The biggest reason for this is that credit unions are owned by its members, so it makes sense that they would be more focused on local events and charities more than larger banking institutions.
Eastex FCU has many branch locations, and each branch is independently involved in various East Texas charity events and partnerships within the Evadale, Silsbee, Buna, Kountze and Kirbyville areas. As the success of our branches is a direct result of the thriving communities we serve, Eastex is proud to be a continued supporter of charitable works in the area.
Check out the Accessibility in East Texas
Undoubtedly, one of the biggest conveniences a bank can offer is both mobile banking as well as an expansive ATM network. While online banking is becoming the norm for the majority of financial institutions, you may find a larger difference in the availability of fee-free ATMs.
Credit Unions oftentimes participate in a Credit Union ATM network, which allows for free usage of any of their ATMs. Compare that to the ATM policy of a larger bank, where you could be charged up to $5 for a single use of an ATM that is not directly affiliated with that specific institution. To see the multitude of ATMs that are available within our network, check out Eastex Credit Union’s ATM Locator.
Share this article with friends who may be looking to move to a new credit union!