The Many Benefits Of Banking With Credit Unions - credit unions are non profit organizations. As they share their profits to share holders, because of this credit unions are better than banks.
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You are here: DIME Home > Finance > The Many Benefits Of Banking With Credit Unions
credit unions are non profit organizations. As they share their profits to share holders, because of this credit unions are better than banks.
Author: kara sherma
Date: Aug 3, 2010 - 5:47:48 AM
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Credit unions have been receiving notoriety as of late for their effort to help members save money. Credit unions are cooperatives, where people pool together their money. Individuals of a particular credit union will have some thing in common. They could live in the same town, zip code, state, work at the same place or in the same field. Cash that are earned from interest rates from loans and investment products are given back to the members.
Credit unions are non-profit organizations which means that they aren’t concerned with turning a profit and giving those monies to their shareholders. Because of this, credit unions are often much less expensive then banks which do have shareholders to answer to.
Credit unions generally offer higher dividends, superior interest rates and charge less expensive fees. These things can end up saving members a great deal of money. Because of this, credit unions often rank high on surveys which test for customer satisfaction. With the ever growing amount of fees and penalties being dealt out by banks, customer satisfaction amongst those that have their money in banks seems to be taking a nose dive.
At one time, it was pretty easy to re-finance ones house. In fact, most individuals had their choice of refinance companies to choose from. That would eventually become a thing of the past when the real estate market crashed. Today, it is hard for a person to qualify for a loan, even if they have good credit. Those with average-to-subpar credit hardly have a chance at all.
At credit unions, individuals that wish to re-finance to do so, as long as they have good credit. At a time when banking institutions are not giving out loans, there are credit unions that are saying yes. This is because credit unions generally assume fewer risks then traditional banks. They are less likely to give loans to people with okay credit, therefore, they tend to have fewer defaulted loans.
If you are tired of expensive fees, extremely low interest rates on investment products and high rates on loans it is time to begin thinking about other alternatives. Credit unions are a good option. Federal credit unions offer protections akin to those offered at banks. Each account is insured up to $250,000. IRA accounts are insured for the same amount. Go to your local credit union if you are interested in learning more about what they have to offer. You might not have to work in a certain profession to qualify. Today, many will accept you based on where you live, i.e., city, area code, state, etc. Contact a local credit union today and ask about joining
To know the details of credit unions just visit http://usacreditunions.com
View all articles by kara sherma
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