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Things To Remember When Looking For A Credit Union

Credit unions are financial institutions owned and operated by members as a financial cooperative. Credit unions give their members a lot of advantages. That is why most personal lenders prefer to borrow from them. One benefit is that they offer their members with personal loans, mortgages, home equity loans, credit cards and auto loans at a lower rate than banks. While their savings, checking, money market, and CD’s have higher rates. This is due to the reason that they focus on serving their members and not to drive up profits. In this article, we will tackle the things you should remember when looking for a credit union.

Do thorough research about them. Find out whether they can really help you out with your problem.

Find a credit union that will listen to your concerns. You can check out the comments and review section from their website whether they have responded to customer queries and even complaints.

Find out their requirements for member eligibility. The requirement may depend on your membership to a fraternal organization, the community you live in, your religious institution, employer or occupation. Make sure to do this in the early process of your hunt in order to save you the hassle in applying for credit unions you are not eligible. A tip is that you may be eligible to join a credit union if your spouse or parent is a member at a specific union.

Find a credit union with great programs in one-stop. They should offer you home lending services, issue credit, and debit cards, provide auto loans, feature a good savings program, and offer financial counseling.

Select a convenient credit union. They should have a branch network or ATM services. A shared branch network allows you to go to any of the member credit union locations to access your account. When they offer ATM services, you can withdraw or deposit money at different ATMs even if they aren’t specific to your credit union. They should also have online and mobile banking services.

An insured credit union is an ideal choice. This will give you the assurance that they are able to pay you back in case the credit union fails. You can ask the credit union itself or ask your national government that regulates credit unions.

Ask various credit unions of their interest rates. This helps you to identify which credit union can provide you with the best deal.

Seek advice from your family, co-employees, and friends. You will be ensured that you can also trust the credit union they trust.

Ask the credit union of their fee schedule. The type of fees may vary from an account opening fee, check writing fee, monthly maintenance fees, minimum balance fees, online or mobile banking fees, bill payment fees, transfer fees, overdraft fees, etc.

Therefore, it is easy to find yourself the best credit union when you follow the guide provided.

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