Many have always had a difficult time differentiating credit unions from banks. A credit union is a type of financial institution owned by members which is very different from banks which are owned by investors. In a credit union, you are listed as a stakeholder or member whereas in a bank you are just a customer.
Credit unions are nonprofit bodies with their primary goals being passing the profits down to the members. Banks usually focus on making profits. Just like the traditional banks, credit unions will also offer ATMs and lend money to its members. There are various credit unions you can join out there.
Appalachian Community Federal Credit Union is one that can help you or your business achieve financial independence by giving you professional advice and also solutions that will see you prevail. There are several things you must put into consideration when choosing a credit union. One of them is the rates or fees. Compare the rates between the different credit unions within your area and find out who is offering the best deal.
You must also look at the customer service offered by a specific credit union. They should always be available to attend to your needs at any time of the day. There are several membership benefits you get to enjoy when you join credit unions which is very different in banks. They include:
Quality Customer Service
One thing you will enjoy most when you become a member of any credit union is the quality of customer service. Most credit union always work hard to ensure their customers are satisfied. They will always be there to attend to your needs. Getting such attention in banks can be very difficult because of their broad customer base.
You also get to enjoy lower rates on most services in credit unions. The interest rates on loans are much lower in a credit union compared to other financial institutions where you can pay a lot of money in interest. Credit unions also charge lower or even no charges for various services which is different in banks. You should join a credit union to enjoy the low fees.
Most credit unions will offer financial advice to their members who want to put up any investment. Most of them will hire a financial advisor who can provide the right investment advice. They will help you come up with good decisions that will enable you to meet your goals.…Read more →