Credit unions are undervalued and underappreciated by a lot of people. It is similar to how a lot of people feel about libraries. They are there, but few people realized how special they are. However, there is a silver lining. More people are beginning to see the difference they offer as opposed to traditional banking. Credit unions often feel more like a home than what the traditional bank has to offer, especially since you are one of the people that the union has to answer to.
The name is just a name. They have nothing to do with your credit history. They are also not associated with any kind of union. I just wanted to shine the light of truth on some of these myths.
Are they easy to join? Yes and no. You do need to qualify to start an account with them. However, the process is a lot simpler than it used to be. They make it easier for customers due to the growing popularity.
“Anyone Can Join, But Not the Same One.”
That saying is an oldie, but a goodie. You do need to make an initial deposit of $5 if you are accepted. The other drawback is they make the paperwork much more challenging than traditional banking methods. They never said it was going to be easy, but you can get some idea of where to start the application process.
The service is impeccable, especially if you are interested in Credit Union Auto Loans. They really do care about their customers. They are going to charge you fewer fees, but the service is still one of the better ones you will find. Getting an auto loan through a credit union, you will find, is one of the better experiences you will receive when you are in the market for a new automobile.
There used to be a hurdle with ATM machines and credit unions. The larger banks used to have the monopoly on it. Now, it is the other way around. Credit unions belong to large corporations that allow their customers to use their machines for free. Some of them may even refund you the money that the machine took from you. You should ask someone at the credit union about that first. In other words, do not go around expecting to get money back on every machine you use. There are exceptions to the rule.
Loan rates might be a lot lower than they are anywhere else. Say you want to buy a car for $30,000. A loan period of 5 years is going to be a lot less than what it might be at another place. Some credit unions have been known to save you between $400-500 on your loan.
Do you owe money on your credit cards? They can offer you a lower fee on your finance charge. How much depends on who you sign with. It is better to speak with a representative to see where you fit. There is much to love about credit unions.