Are you fed up with banking with a big institution that is more invested
in its bottom line than your financial success? If so, then you could
be ready for credit union membership. Credit unions offer tons of advantages,
and contrary to popular belief, nearly everyone is eligible for membership
in at least one union. Should you start moving your
checking account and savings accounts to a credit union? Here are some signs that you could
benefit from becoming a member.
You want personalized service.
When you go into a bank, you’re an account number. At a credit union,
you’re a member. Because credit unions cater to their members, they
are more able to develop a personal relationship with you and become familiar
with your personal financial needs. That means you can get personalized
financial help when you need it, and when you need to borrow money for
a mortgage or other loan, the credit union can consider your entire situation
holistically rather than judging you simply based on a number on a piece of paper.
You want better rates.
Credit unions don’t answer to shareholders, and as nonprofits, they
reinvest any earnings they have back into member services. This structure
typically allows them to offer lower interest rates on loans and higher
interest rates on savings products. The result is that you come out ahead
on both types of accounts over traditional banks. Credit unions also tend
offer more favorable rates on overdrafts, ATM fees, and account fees.
You want ongoing financial help.
As your financial situation changes, so do your needs. Credit unions are
active in providing consumer education services and access to financial
pros who can help you transition through different stages of your life.
Get advice on your first mortgage, buying a car, saving for retirement,
and other big financial milestones.
To find out if credit union membership is right for you, contact Westmark
Credit Union today. We can help you determine your eligibility and learn
more about our checking and savings accounts in Idaho. Contact us today
at (208) 523-1071 for more information.