Benefits of Using a Credit Union

Not everyone uses a credit union but a lot of people who do belong to one find great benefits in their membership. Many times people sign up for a credit union after they get married, creating a joint account where they share their finances. Credit unions are sometimes seen as exclusive, but once you establish a relationship, you are pretty much good to go.

Here are a few of the top benefits involved with belonging to a credit union:

  • Credit unions typically offer better rates than the average bank when it comes to interest rates for your different bank accounts.

  • As nonprofit organizations owned by their members, credit unions typically offer a higher level of customer service than a run-of-the-mill bank office.

  • You can generally find the same great services you come to expect at a traditional bank, such as checking accounts, savings accounts, credit and debit cards, mortgages, and loans for new or used cars, to name a few.

  • Belonging to a credit union can be quite affordable. In most cases you will reap the benefits of your membership with the savings and interest you receive.

Just a few quick things to consider before you move your money to a credit union... Be sure your credit union is insured and ensure you have local branch offices that are convenient to your work or home. Verify that your intended credit union offers all the services that you need as well as rates that you like. Once you are happy with the offerings, go for it!

Story by: Kathryn D'Imperio,, Wednesday September 28, 2011.