Last updated 2 days 6 hours ago
If you’re considering switching to a credit union, you’re close to reaping all of the rewards membership has to offer, from free checking to great rates on saving products. Because credit unions are non-profit and member-driven, they’re usually able to offer better rates on financial products than banks. As you’re weighing up your options, keep these tips in mind for making the switch.
Check Your Eligibility
Credit unions are only open to members, and to become a member, you have to meet the eligibility guidelines. However, there are few people who aren’t eligible to join at least one credit union—it’s simply a matter of finding the right fit. Look into credit unions associated with your profession or the organizations you’ve joined. In some cases, your home address is enough to make you eligible for membership in a credit union.
Review the Financial Products
Credit unions generally offer the same financial products as banks, including checking accounts, debit cards, savings accounts, and loans. However, if you need a specific service, make sure the credit union you’re considering offers it. In the rare instance that you can’t find what you’re looking for at one credit union, there’s a good chance that there is another credit union out there which offers it.
Ask About ATM Usage
One thing that used to give people pause about switching to a credit union was convenience. Because credit unions tend to have fewer locations and ATMs than banks, consumers were concerned that accessing their money would be difficult. Those days are gone. Credit unions now share nationwide ATM network locations so you can easily withdraw money, and many credit unions even share branch locations for added convenience. Additionally, credit unions generally offer online and mobile banking services so you can manage your accounts on the go.
If you need help making the switch to a credit union, let Westmark Credit Union make it easy for you. Our representatives can walk you through the membership application process and help you get your accounts transferred. Start the process today by calling (208) 523-1071.
Last updated 9 days ago
At banks, free checking is becoming a thing of the past. The good news is that free checking is a credit union staple, and even accounts that aren’t free usually offer a number of ways to avoid having to pay the fee. How are credit unions able to keep checking free, and what does it mean for you as a consumer? Here is what you need to know.
How Can Credit Unions Maintain Free Checking?
As with most financial services that are better deals at credit unions than at banks, the reason why credit unions can offer great checking options comes down to the structure of the credit union. At a credit union, you’re a member, not a customer. The board of directors is made up of elected, unpaid volunteers instead of businesspeople collecting major profit shares. In fact, there are no profits at credit unions. Since they are non-profit institutions, credit unions can reinvest any money they make back into products for members. This is why credit unions can offer lower interest rates on loans, higher rates on savings accounts, and free checking.
What Types of Free Accounts Are Available?
At Westmark Credit Union, we offer two free checking account options: Eagle Checking and Prime 55 Checking. Eagle Checking is a basic account with no minimum balance or opening fees. Get unlimited check writing, a free debit card, and up to 15 free automatic bill pay transactions per month. Prime 55 Checking is open to members over age 55. This account is similar to the Eagle account, but is interest-bearing. We also offer Platinum Plus and High Interest Yield accounts. While these checking account options are not free, you only have to pay the required fees if you don’t meet certain guidelines, such as keeping the correct minimum balance.
Which checking account is right for you? Let the experts at Westmark Credit Union help you decide. You’ll find a complete range of financial services at our Idaho Falls credit union and competitive rates for all account options. For more information about checking accounts and membership, call (208) 523-1071.
Last updated 16 days ago
No matter how overwhelming it may seem now, it is possible to be debt-free within three to five years depending on how well you manage your money. The best way to start managing your money properly is to establish a budget. By analyzing your monthly expenses and income, you can see where your money is going and where you need to “trim the fat,” so to speak. For tips on how to start a budget, watch this short video clip.
Here at Westmark Credit Union, we offer numerous financial products to help you put your money to work. From our high-yield checking and savings accounts to our competitive loan offerings, we have everything you need to manage your finances. Call us today at (208) 523-1071 to learn how you can become a member at our credit union in Idaho Falls.
Last updated 17 days ago
The Blackfoot Branch of Westmark Credit Union participated in the Eastern Idaho State Fair Parade on August 30th with a little help from Westmark employees in Pocatello and Idaho Falls. What a beautiful day for a parade and such great parade spectators!!!
Last updated 23 days ago
If you want to take control of your finances, you should start by making sure that you have the right accounts. There are obvious accounts that everyone has, such as checking and savings account, but there are numerous other financial accounts that can ensure your financial stability now and well into the future. Read on to learn more the most important financial accounts everyone should have, and then inquire about these accounts at your local credit union.
There aren’t any good reasons not to have a checking account these days. The most important thing about checking accounts is that they are necessary for writing or cashing checks, paying bills online, purchasing items on the Internet, and so much more.
Saving money is important for your financial security, and a savings account is much easier (and much safer) than stuffing cash under your mattress. While the funds in your savings account can be used for emergencies, it’s best to leave your savings account alone to accrue interest.
Money Market Account
If you already have a substantial nest egg, consider moving it from your traditional savings account to a money market account at your credit union. These accounts offer superior interest rates, which means your money will grow faster. At Westmark Credit Union, for example, our Platinum Money Market Savings Account offers deposit rates that range between 20 and 30 percent for balances in excess of $20,000.
Westmark Credit Union is committed to serving the financial needs of those who live or work in Idaho Falls. Visit our website to learn about our financial accounts and current interest rates. If you have questions about our accounts, or would like to know how you can become a member at our credit union in Idaho Falls, call us at (208) 523-1071.