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| What Financial Services do Credit Unions Offer? |
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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.
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