Top Benefits of Working with a Credit Union Instead of a Bank
If you are looking to open a checking or savings account, you might be looking for the best possible financial institution to go with. Even though you might be looking at some of the big banks when trying to make this decision, you may want to consider looking into a Houston credit union instead. These are a few reasons why.
- You’re a Member, Not a Customer
One major difference between a credit union and a bank is the fact that you are actually considered a member of the institution, not a customer. It can be a nice feeling to work with a financial institution that treats you as one of its own rather than treating you as someone who simply brings money to the business.
- You Can Save Money
Because a credit union is a non-profit and not a business, you can often save money in a lot of ways. For example, you might find that you do not have to pay any fees in order to open up a checking account. With many banks, on the other hand, you do have to pay a monthly fee that is often only waived if you maintain a high balance or fit some other type of criteria.
You won’t just save money on monthly checking account fees by opening up an account with a credit union, however. You might also find that you will save money in many other ways as well. For example, you might be able to use out-of-network ATM’s without a fee from the credit union, which can be an improvement over the banks that do charge fees. Additionally, if you choose to go through your credit union to take out a credit card, seek an auto loan or acquire a mortgage, you might find that the rates are much more reasonable and competitive than they are at many banks. Over time, you can save a lot of money by being a part of a credit union rather than going with a traditional bank.
- You Can Improve Your Chances of Approval
If you have had trouble with bank accounts in the past, you might find that it’s harder than you think to open up a bank account. Even though a credit union might not accept you if you have been entered into Chexsystems for something like fraud, you might have a better chance of being able to open up an account if you have had trouble with bank accounts in the past, such as if you over drafted multiple times.
Additionally, once you establish a relationship with your credit union, you might find that you can get approved for things like loans and credit cards more easily, even if your credit is not the best.
As you can see, if you are thinking about opening up a regular checking account at a traditional bank, you might want to look at your other options. Once you do, you might just find that a credit union is a far better choice.