Why is it that people align themselves with the major banks, even
though they're often criticized in the media? Larger banks are often
the target of our wrath because of their business practices. So, why do
people still use them? The simple answer is legacy. Larger banks carry a
popular brand that will always be sold to the masses, even if other
companies can surpass them in overall quality. They deliver marketing
campaigns that tell people that their bank is the safest and easiest
place to put money away, because of their many ATM machine locations and
online banking practices. While they may be convenient, are they really
the best option? Here are some reasons why credit unions are a superior
option over the large banks:
You Have a Voice
As a customer to the big banks, you're viewed as nothing more than just another customer. You'll be valued in the sense that you're giving them your money, but you don't ever have a say in how the company conducts their business. Credit unions run their businesses differently. By being approved to join, you become a member, not so much a customer. When you put your money into your account, you're essentially taking a share in how the business works. Credit unions are actually non-profits, so any profits that do get made are designed to be returned to the members. You'll also get a chance to vote for who is in charge on the board of directors. These privileges alone make it a far superior choice.
No Unfair Fees
It's become a running joke that larger banks depend on fees and penalties to make their huge profits. Nowadays, it seems like everyone is complaining about it, but they're not doing anything to stop getting punished for how they handle their money. Instead of getting penalized by your major bank for unknowingly overdrawing on your checking account, why not consider credit unions? They have no reason to start charging their customers exorbitant fees for overdrawing or not having a minimal amount of money in an account. You'll also find that you're charged less for using an ATM outside the network as well, which is handy, as the number of locations is usually smaller than a major bank. You also don't need a minimum amount of money to open an account, either.
Fair Interest Rates
It's been proven that you can always get a better interest rate on a credit card from a local bank than from a major corporation. Credit unions can offer percentages that are better than the national averages of saving and loan rates. Every time a transaction is made, you'll find that you're saving money because of the lower interest rate. Wouldn't it be nice to have a credit card that has an APR in the single digits instead of the high teens? If you end up having to make a payment each month, you don't want to drown in a huge pile of unfair interest.
You Have a Voice
As a customer to the big banks, you're viewed as nothing more than just another customer. You'll be valued in the sense that you're giving them your money, but you don't ever have a say in how the company conducts their business. Credit unions run their businesses differently. By being approved to join, you become a member, not so much a customer. When you put your money into your account, you're essentially taking a share in how the business works. Credit unions are actually non-profits, so any profits that do get made are designed to be returned to the members. You'll also get a chance to vote for who is in charge on the board of directors. These privileges alone make it a far superior choice.
No Unfair Fees
It's become a running joke that larger banks depend on fees and penalties to make their huge profits. Nowadays, it seems like everyone is complaining about it, but they're not doing anything to stop getting punished for how they handle their money. Instead of getting penalized by your major bank for unknowingly overdrawing on your checking account, why not consider credit unions? They have no reason to start charging their customers exorbitant fees for overdrawing or not having a minimal amount of money in an account. You'll also find that you're charged less for using an ATM outside the network as well, which is handy, as the number of locations is usually smaller than a major bank. You also don't need a minimum amount of money to open an account, either.
Fair Interest Rates
It's been proven that you can always get a better interest rate on a credit card from a local bank than from a major corporation. Credit unions can offer percentages that are better than the national averages of saving and loan rates. Every time a transaction is made, you'll find that you're saving money because of the lower interest rate. Wouldn't it be nice to have a credit card that has an APR in the single digits instead of the high teens? If you end up having to make a payment each month, you don't want to drown in a huge pile of unfair interest.
Take a different approach to traditional banking and look into using credit unions in grand blanc mi. Start learning about your options here: https://www.financialplusfcu.org.
No comments:
Post a Comment