We all have banking needs, and these days you have several different choices of where to do all of your banking. You might be currently working with one of the big financial conglomerates, but since everyone needs a place to store their money and access to financial tools that banks can provide, those big banks sometimes don’t have much of an incentive to make your life any easier. The end result is often frustration, but it doesn’t have to be that way. If your bank is not able to meet your financial needs, now is a great time to consider the benefits of switching to a credit union instead.
You Own the Credit Union
While there are still managers and executives in credit unions, you are actually the owner of the company, which means these executives ultimately answer to you. Publicly traded banking institutions are solely focused on making money, which means that the executives make decisions that benefit shareholders with little or no thought about how the same decisions impact regular folks who are utilizing the services.
These Organizations are Not-for-Profit
Credit unions can still earn money, but when they do make a profit, they share it with the owners, which—as we just learned—are actually the customers. Rather than trying to find more ways to make money from customers and funnel that to a select group of shareholders, the credit unions benefit from things that benefit their customers most.
Fees and Rates Are Lower
Since credit unions operate with the goal of providing more profits to their customers/owners, they often have lower rates on loans, and fewer fees. They also have great terms for checking, savings, and money market accounts (often with few or no fees at all), and offer great savings on home equity loans, auto loans, and mortgages. These companies offer easy home loans, and make the home loan process simply and hassle-free for all types of buyers.
It’s important to note that some credit unions have restrictions on membership, and can only allow people to join who meet specific criteria. They may also cater to a more narrow geographic area, which can limit the number of ATMs and branches, although many are part of larger networks, such as the Credit Union Service Centers, which gives customers access to more ATMs.
If you are interested in taking advantage of all the benefits that come with membership and banking at a credit union, check out Wasatch Peaks Credit Union! For more information visit wasatchpeaks.com or call 801.627.8700. Click here to apply today!