You may have heard that last month, one of the big banks announced they will no longer offer free checking for customers with low balances. This decision prompted many people to look for alternative ways to bank. Credit Unions, like Palisades CU, are a great option for people who are worried about being charged to bank at big banks or want to bank with people that know and care about them. So, what is a credit union and what advantages do they offer?
A credit union is a non-profit that exists to serve their members. Members are the people who bank at the credit union and are part owners of the institution. To be a member of a credit union you usually must meet some requirements, though they are usually not very strict. For example, to bank with Palisades CU you have to live, work, worship, go to school or volunteer in Rockland or Bergen counties or are a New York State employee who works in the five New York City Boroughs.
Credit Unions offer all the same services as a big bank, like checking and savings accounts, loans, and a wide array of other financial services. Credit unions offer lots of advantages over traditional, big banks. Because credit unions are a non-profit organization they do not have to pay federal income taxes. This means the savings are passed on to you through lower rates and fewer fees. The needs of their members are put first, and at Palisades CU our main focus is our members and the local community.
There are lots of other reasons to bank with a credit union. If you’re ready to choose a credit union, contact us today to open an account!
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