The Benefits of Becoming a Member of a Credit Union
Most individuals enlist the services of a bank without looking for other options in the financing world. However, credit unions provide great services that benefit their members. There are over 2479 credit unions set up in the United States, with assets worth around 20 million. Credit unions are owned by their members and are non-profit financial institutions. Their members share a common bond, which is to achieve their financial goals. Any profits earned by the union are directed towards members. Here are some of the benefits of becoming a member of a credit union: Lower fees Banks are known for charging many hidden fees for every additional service you sign up for. They primarily make their money from fees, monthly charges, and loan originations. Since the aim of credit unions isn’t profit, their fees tend to be lower than those charged by banks. Transfer fees and overdraft fees are lower too. Credit unions also don’t charge any ATM fees. Make sure you read all th