What are some reasons people should sign up for a credit union?
Many credit unions will offer you a higher rate of return on your checking account, liquid savings account, term certificates of deposit, and other savings products. Savings are insured just like your savings are insured when deposited in a bank. Many credit unions will offer you a lower borrowing rate for just about any type of loan, including loans to buy or refinance a home, a car, a credit card or just an ordinary personal loan. Many credit unions will work with you more “forgivingly” if you borrow and are having trouble repaying your loan.
Credit unions often offer other perks of membership. You may find that your credit union provides more personalized service than a bank. Once you have paid your membership fee (often just $5; my advice is to never pay more than that as a one-time fee to join), there are no downsides to being a credit union member. You can quit anytime. When seeking a place to save or to borrow, investigate the terms offered by the credit union you join and compare those terms to those offered by banks. You may find that the products and services offered by your credit union are better than those offered by banks.
Resources to Help You Find Credit Unions
There are many resources available to help you gain a deeper understanding of credit unions. Below are a few places to consult.
- College Finance: This website will give you a rundown of the best banks and credit unions for college students and includes pertinent information like fees and account access details.
- Credit Union Times: Credit Union Times offers whitepapers, case studies and industry analysis from industry leaders about topics ranging from digital engagement to valuable credit union loans.
- The Military Wallet: The Military Wallet compares different military banks and credit unions to highlight the offers and determine the best options.
- Alliant Credit Union: Alliance allows you to compare rates to other credit unions and banks for both fixed or adjustable rate mortgages.
- Credit Union Locator: Use the MyCreditUnion.gov tool to find a credit union in your area and determine which ones offer member services, drive-thrus and ATMs, among other services.
- Credit Union National Association: CUNA is the only national association that advocates for the entire credit union movement. You can find events, training, products, news and more.
- National Credit Union Administration: The NACU can help find a specific credit card union and learn more about rules, regulations and resources about credit unions and best practices.
Here is the article as posted on Money Geek: https://www.moneygeek.com/financial-planning/banking-with-a-credit-union/#expert=david-dubofsky-phd-cfa
