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Today’s consumers have a full range of options when choosing products and services. And an astute buyer considers their choices and weighs their options to get the best product for their specific requirements.
Unfortunately, it’s obvious that many consumers don’t always do their research when it comes to where they keep their hard-earned money. There are many banking options, but research tells us that more than 65 percent of consumers would not switch banks even if they had a negative experience or life change.
If you currently bank with one of the “big banks” and are not satisfied with their services, there are many reasons to consider banking with a credit union. If you’re not entirely convinced they may be the right path for your finances, here’s a breakdown of the benefits of operating with a credit union.
Personalized customer service
Because credit unions are banks for the people by the people and have smaller memberships than typical larger institutions, you can get personalized personalized service. It is a much more intimate relationship than what you would have in a traditional bank. Credit union employees really know you and are committed to your success as a member. That’s because their approach is to make every consumer interaction personal, without lines, long phone waits, and canned responses.
Accessibility
Since they serve their local communities, most of the time branches are not available outside of their service area. To compensate for that, they sometimes reimburse members for ATM fees or offer a shared ATM network if members have to go out of network to access their money.
Structure
Credit unions are owned and operated by their members. The moment you make your first deposit, you will have the right to vote.
Lower account fees
They also have lower fees overall because they have lower overhead costs. Because they are usually smaller operations than the big banks, they are able to transfer their general savings to their members. According to Bankrate.com, more than 75% of credit unions offer free checks, compared to 40% of banks. And many don’t stop there. They even pay rewards to members in the form of high interest or dividends, cash back, and other perks like ATM fee refunds.
Monthly maintenance fees are lower and members do not have to carry as high a balance on accounts to escape these fees.
Serving the underserved
Credit unions serve those who are generally excluded from the traditional banking system. This covers the large number of immigrants in communities that would not otherwise have access to necessary financial services.
Supporting the local community
Money deposited at your local credit union supports its members and the local community. They funnel funds back into the local economy in the form of loans to support small businesses, home purchases, and loans that help members achieve their financial goals.
Interest rates
They offer higher yield savings and checking account rates. Good luck finding an interest-bearing bank account at a megabank. They yield next to nothing for their account holders.
No scams:
Employees are not pressured to meet unreasonable sales targets. So rest easy, no one is going to open a secret account behind your back.
federally insured
Your money is no safer at a big bank than it is at a local credit union. Like the FDIC at a traditional bank, deposits of up to $250,000 at a credit union are insured by the NCUA, an agency backed by the federal government.
First name base:
They take the time to get to know their members. You will be a name, not just an account number.
technologically advanced
Credit unions have come a long way from their once outdated style of banking. Today, the technology used in a credit union is as advanced as that of a megabank. They have online banking options including mobile check deposit, smart chip cards, mobile apps, online bill pay, electronic statements and more.
If you’re looking to move your money from a traditional bank to a credit union, what’s stopping you? I would encourage everyone to research your local credit union to see what they may offer. At the very least, it’s worth opening a checking or savings account. You’ll pay less in fees and get more personalized service.