Credit Unions - A Cheaper, Friendlier Alternative to Banks

At a rally in North Carolina, new homeowners John and Jennifer Hall made a prudent decision: Instead of choosing a risky bank mortgage system - a decision that was disastrous for many of their contemporaries, the couple had held the North Carolina Employees Credit Union (SECU) ) Applied for a loan from the state.

The couple did their homework and decided that it would make more sense to work with a non-profit financial cooperative to buy their first home. Apart from lower fees and transaction costs, SCCU did nothing else: a credit union employee sat down with the couple to explain the pros and cons of various mortgage options. Since the work was not assigned to the credit cooperative's staff, there was no pressure, so that the couple could see the credit cooperative as a trusted advisor.

"There are a lot of young people who don't see the benefits of cooperatives," says John, who believes that all North Carolina nonprofits benefit through financial cooperatives that entitle citizens to other financial institutions Help to highlight. is. At competitive prices and fees. "Being a member can bring a big change in your financial life!"

Are you disappointed with your bank? You can get bored by paying infinite fees, low interest rates and poor customer service. And given the current financial crisis, you may be among those with good credit who have difficulty getting a car or home loan. This is a result of strict lending standards due to its own banking industry.

Luckily, you have options.

The corporate fur of credit unions is a new option for corporate banks and provides the same services. As a member of a credit union, you can open a checking or savings account, purchase a certificate of deposit, and take out a loan. Some credit unions can help you invest in your retirement or take a financial planning course before purchasing your first home.

Credit unions are co-operatives that belong to members (depositors) who have something in common, e.g. B where they work, live or go to church. Credit unions are usually small and target selected people, so you can expect a more personal relationship between employees and members.

Unlike commercial banks, which generate profits for owners and outside shareholders, credit unions offer members lower fees, better interest rates, and dividends in the form of dividends. According to the American Banker / Gallup Survey, credit unions have been a high priority among customers every year since 1983 in terms of service and customer satisfaction.

Keep your money safe

The credit union has proved to be a safe haven for consumers. Credit unions have saved many banks from stagnant risky debt and foreign investment, so they are unaffected by the recent financial crisis. Credit union members can guarantee that their money is safe.

Credit unions are economically viable because they follow rigid banking practices, e.g. B. Request a payment and check the mortgage loan income. While many banks were looking for more and more foreign ways to make money, credit unions have been kept at bay.

Many suspect that their money is in the hands of the credit union because they believe that the credit union does not provide FDIC insurance. Nothing beyond the truth. Like banks and savings banks, deposits by credit unions are insured by the federal government up to 250,000,000, providing the same protection for investors' assets as any banking institution.

Credit union still lends

Commercial banks have recently banned lending, including those with good credit. This has resulted in many consumers struggling to get home and car loans due to strict lending standards.

Credit unions are not the only ones who continue to lend to people with good credit ratings. In fact, credit unions are now experiencing high lending trends as customers abandon them after the recent banking sector collapse.

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