NAFCU Gives Customers 5 Reasons to Choose Credit Unions Over Banks
Many people think that there’s no alternative to traditional banks. They may grumble about paying fees and maintaining minimum balances, but in the end, they stick with the familiar and don’t stray from the big bank experience. However, there is another option – and credit unions are trying to get the word out about all they have to offer.
The National Association of Federal Credit Unions (NAFCU) has issued a bulletin giving folks five reasons to switch from their bank to a credit union. “With membership reaching nearly 105 million, it’s clear that people appreciate…values that put members first and ensure outstanding service, competitive rates and low fees,” said Dan Berger, president and CEO of NAFCU. Berger said credit unions help people realize their dreams of owning a home, buying a car, and growing a small business.
Berger also pointed out that Millennials are one of the driving forces behind climbing credit union membership numbers. He said growth among this younger generation is telling, proving that the values of credit unions are “timeless.”
The five benefits of credit unions over banks, according to NAFCU, are:
1. They put people before profits. Members are actually the owners of the credit union, so they get a say in how it’s run. Volunteers staff the board of directors at a credit union, and any profits go toward members, in the form of lower fees and more competitive rates.
2. They make joining easy. You can find a credit union to join at www.culookup.com and apply online. It usually only takes a few minutes to open your account and transfer funds.
3. They offer lower fees. More credit unions offer free checking, compared with traditional banks. 76% of credit unions offer free checking, compared with 37% of banks. Opening an account costs as little as $5 at most credit unions.
4. They offer low interest. Credit unions also offer credit cards for people with all levels of credit. Customers with good credit can get a credit card with a great low-interest rate.
5. They’re convenient. Many credit unions offer shared branches, giving members access to credit unions across the whole country. ATM access is free at many locations, as well.
Latest Good Credit Credit Cards News
As summer approaches, Wells Fargo introduced a new travel credit card with great cashback rates across several categories to compete with big travel rewards players like Chase, Amex and Citi. The card is supposed to be a higher-tier version of the existing Wells Fargo Autograph℠ Card launched in 2022. The new Wells Fargo Autograph Journey℠ […]
At the moment, COVID-19 still remains the burning issue of the day. In this regard, food delivery from restaurants is more in demand than ever. One of the largest credit card issuers, Capital One, understands this and therefore offers its customers the opportunity to get additional bonuses on food delivery. To be more precise, now […]
It’s not a secret that when the coronavirus started to spread rapidly throughout the world, most countries closed the borders forcing companies working in the travel sphere, including airlines, hotels, etc., to suspend their work. People had to postpone their trips and stay at home until the end of the pandemic. Therefore, redeeming accumulated credit […]
Barclays, one of the largest UK banks, has just introduced its Q4 2019 earnings report. In a nutshell, it indicates the main year results in different spheres. To a large extent, the statistics concern the UK department. However, there is something interesting about its associate in the USA. The report says that Barclays International “Established […]
Yesterday Venmo, a service owned by PayPal, that allows their account holders to transfer funds to others via their mobile phone app, announced its new credit card. The credit card will be issued by Synchrony Financial whose partnership with PayPal has earlier brought us the PayPal Extras Mastercard and the PayPal Cashback Mastercard. According to […]
